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Brian Bollinger Zilliqa coin prices fell for nearly eight months under the influence a falling wedge pattern. The pattern formed when the prices reacted between two converging trendlines that carried an established downtrend. The ZIL price fell to $0.0154 on December 30, which was a 93.4% drop from its all-time high of $0.2563. The pattern is supposed to be a direction bull trend, so here’s how to trade it. A bullish breakout from wedge pattern’s resistance trendline set ZIL prices for a 30% increase.
The oversold RSI value suggests that the coin price could consolidate for future trading sessions before it continues rising ahead.
The Zilliqa coin’s intraday trading volume is $449.8 Billion. This represents a 2348% gain.
Source: TradingviewThough the falling wedge pattern is in a steady downtrend each price cycle within it gets narrower than the last, indicating a losing bearish momentum. This core concept allows buyers to gradually take control of the trend from sellers and instigate a new recovery. The Zilliqa price rebounded from its $0.0154 low, which triggered a new bull market within the pattern. The nine consecutive green candles provided a 62.8% increase and drove the coin to the $0.0256 mark. Trending Stories The breakout was characterized by a high volume increase, which reflects buyers’ strong commitment to the upcoming recovery. Thus, the indicator value at a high value of 81% suggests the prices need pullback or consolidation before resuming the upward march.advertisementEMAs: the ongoing recovery in ZIL price breached 20-50-and-100-day EMA, offering some early signs of a trend reversal.Resistance levels- $0.0288 and $0.0334
Support levels are $0.0243 & $0.02
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