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Home » Analysis » Zilliqa Price Analysis ZIL / USD: Approaching Breakout

Zilliqa Price Analysis ZIL / USD: Approaching Breakout

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Zilliqa has now turned bullish and could reach new 2019 highs.

Zilliqa price analysis June 7

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  • Zilliqa has an increasingly bullish short-term trading outlook, with the cryptocurrency probing towards the April high
  • The four-hour time frame now shows a valid bullish inverted head and shoulders pattern
  • The daily time frame is showing that the ZIL / USD pair is testing towards the top of its yearly price range

Zilliqa / USD Short-term price analysis

Zilliqa has an increasingly bullish short-term outlook, with the cryptocurrency testing towards the April 2019 trading high.

The four-hour time frame is showing that a large inverted head and shoulders pattern has formed, with the recent advance invalidating a bearish head and shoulders pattern.

Technical indicators across the four-hour time frame have turned bullish and continue to generate a strong buy signal.

ZIL H4 Chart June 7, powered by Trading ViewZIL / USD H4 Chart by TradingView

Pattern Watch

Traders should note the upside target of the inverted head and shoulders pattern on the four-hour time frame would take the ZIL / USD pair towards levels not seen since October 2018.

Relative Strength Index

The RSI indicator is bullish on the four-hour time frame and still shows scope for further upside.

MACD Indicator

The MACD indicator is bullish on the four-hour time frame and continues to issue a strong buy signal.

Zilliqa / USD Medium-term price analysis

Zilliqa has a bullish medium-term outlook, with the cryptocurrency on course for a technical breakout on the daily time frame.

The daily time frame is showing that the ZIL / USD pair is testing towards the top of a horizontal price channel that has been in place since the start of 2019.

Technical indicators on the daily time frame remain bullish and continue to issue a buy signal.

Zilliqa Daily Chart June 7, powered by Trading ViewZIL / USD Daily Chart by TradingView

Pattern Watch

Traders should note that a sustained bullish breakout above the horizontal price channel will trigger a major sentiment shift towards the ZIL / USD pair.

Relative Strength Index

The Relative Strength indicator is bullish on the daily time frame and still shows scope for further upside.

MACD Indicator

The MACD indicator is bullish on the daily time frame and is still issuing a strong buy signal.

Conclusion

Zilliqa is starting to appear increasingly bullish over both time horizons, with both the four-hour and daily time frames highlighting that the ZIL / USD pair is close to a technical breakout.

If a technical breakout is confirmed, the ZIL / USD pair could rally towards levels not seen since October 2018.

Check out our coin guide for Zilliqa for a brief overview.

We also published a deeper overview of the project in our Zilliqa DARE.

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