A cup and handle pattern of the 4-hour time frame chart initiated this recovery phase in the Zilliqa coin. The price recently broke out from a crucial resistance level of $0.075 as its first step for a new rally. However, stuck in a retest phase, the coin formed another price pattern in the lower time frame.
Key technical points
- The ZIL coin price regained the 20-day EAM support
- The intraday trading volume in the Zilliqa coin is $181.2 Million, indicating a 24.34% loss.
Source- Tradingview
In previous coverage of the Zilliqa coin on November 29th, the coin price bounced from the $0.077 support hoping to end this correction phase. However, the buyer couldn’t carry the price beyond $0.091 resistance and drop it back to previous support.
Moreover, the bloodbath on December 4th fueled the selling pressure, resulting in the price breaching the $0.077 support. Recently the pair identified significant support from the $0.057 mark, stirring a bullish reversal.
The ZIL technical chart shows quite a sideways rally in its price, causing the higher EMAs(100 and 200) to flatten. However, the new rally has so far reclaimed the 20 and 50 EMA line.
The Relative Strength Index(54) shows a sticking surge in value, indicating the intensity of buying pressure.
ZIL Coin Forming A Symmetrical Triangle Pattern
Source- ZIL/USD chart by Tradingview
On December 26th, the Zilliqa coin price breached a $0.075 neckline of a cup and handle pattern, offering a great bullish opportunity for traders. However, the coin has still not settled the retest phase for the new support.
The hourly time frame chart shows a symmetrical triangle pattern for this consolidation above the $0.075 support. A proper breakout from this price pattern could trigger the required move in this coin.
The traditional pivot levels suggest the important levels for the coin on the upside are at $0.083, followed by the $0.89. And, on the bottom side, the support levels are at $0.7 and $0.63.
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