• Home
  • Trading
  • Live Data
  • Events
Home Trading Zilliqa Price Analysis ZIL / USD: Escaping With The Goods

Shutterstock

Zilliqa Price Analysis ZIL / USD: Escaping With The Goods

Zilliqa maintains a constrained bullish bias within a horizontal price channel.

-

  • Zilliqa has a bullish short-term trading bias, with the cryptocurrency still well supported on any moves lower
  • The ZIL / USD pair has a bullish medium-term outlook with cryptocurrency still trading above its 200-day moving average
  • The daily time frame is showing that price remains trapped within a horizontal price channel

Zilliqa / USD Short-term price analysis

Zilliqa has a bullish short-term outlook, with the cryptocurrency still trading well above its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that price has bounced sharply higher from the ZIL / USD pair’s 200-period moving average and is now testing back towards the neckline of an inverted head and shoulders pattern.

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

SIMETRI Research

 

ZIL / USD H4 Chart June 4, powered by TradingViewZIL / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that an even larger inverted head and shoulders pattern could start to form on the four-hour time frame.

Relative Strength Index

The RSI indicator is bullish on the four-hour time frame and is highlighting the growing short-term bullish pressure.

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 trading bias, with the cryptocurrency recovering back above its trend defining 200-day moving average.

The daily time frame is showing that the ZIL / USD pair remains trapped within a large 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 show scope for further upside gains.

 

ZIL / USD Daily Chart June 4, powered by TradingViewZIL / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that the October 2018 swing-high is the projected bullish target if a technical breakout occurs from the horizontal price channel.

Relative Strength Index

The Relative Strength indicator is bullish on the daily time frame and continues to issue a buy signal.

MACD Indicator

The MACD indicator is bullish on the daily time frame, with the MACD signal line still issuing a buy signal.


Conclusion

Zillaqa remains well supported on any moves lower, with the bullish pattern on the four-hour time frame highlighting that the cryptocurrency can still trade much higher over the short-term. If ZIL / USD bulls can ignite the bullish pattern it is likely that we will see a technical test towards the top of the horizontal price channel on the daily time frame.

 

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

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

Zilliqa Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

Avatar
The Analyst Team
Crypto Briefing has become known for providing thoughtful and insightful diligence on early-stage blockchain ventures. Our reports are distributed globally, including via Binance Info. Almost 100 free, unpaid, and independent Digital Asset Reports and Evaluations and early-stage crypto assessments are available by clicking on the CB icon, right here.

JOIN OUR COMMUNITY!

Join the conversation on Telegram and Twitter!

8,109FollowersFollow
1,314SubscribersSubscribe

More News & Analysis

Get The Best Of Crypto Briefing!

Crypto news flashes, new DARE research, upcoming mainnet launches, market reports, and much more!

X
X