Zilliqa Price Prediction: Caution For Breakout Traders

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Our Zilliqa price pre­dic­tion appears to be bull­ish but with cer­tain con­di­tions. We’re still not con­fi­dent about the recent break­out from the sym­met­ri­cal wedge pat­tern. The rea­son is that the ZIL price chart is not show­ing a sig­nif­i­cant increase in vol­ume despite con­firm­ing the break­out. There­fore, if you’re a break­out trad­er, then you must wait for a high­er high on the 4H chart or at least an increase in trad­ing volume.

Zilliqa cryp­to appears to have formed a dou­ble top pat­tern with $0.25 and $0.23 as peaks. These peaks were hit in May 2021 and April 2022, respec­tive­ly. The price seems to have found strong sup­port around the $0.04 region as it has suc­cess­ful­ly bounced from this lev­el many times.

At the time of writ­ing, Zilliqa price is trad­ing at $0.044. The coin has gained 4.7% with­in the past 24 hrs. Over­all, the price is almost 83% down from its May 2021 all-time high of $0.25.

Accord­ing to Zilliqa news today, the project cel­e­brat­ed its 5‑year anniver­sary yes­ter­day. The project streamed live on YouTube to cel­e­brate the mile­stone. How­ev­er, even after 5 years since its launch, the project has yet to gain much trac­tion. The net­work activ­i­ty on its blockchain is still very lim­it­ed when com­pared with oth­er L1s.

Zilliqa Price Prediction

Tech­ni­cal analy­sis of the ZIL coin shows a clear break­out of the sym­met­ri­cal wedge. As the cryp­to mar­kets has a slight pull back yes­ter­day, the price took the oppor­tu­ni­ty to con­firm the break­out. A cher­ry on the top of this break­out would be an increase in vol­ume, which the price appears to be lack­ing right now.

The mea­sured tar­get of this break­out is $0.063, which coin­cides with the 0.382 Fib retrace­ment region that con­nects the May high to the June low. How­ev­er, this Zilliqa price pre­dic­tion would only be valid if the price reclaims the $0.0455 lev­el. Anoth­er hur­dle could be anoth­er dip in Bit­coin price, which might trig­ger anoth­er sell-off in ZIL USD. You may trade this set­up with tight stops below $0.038 on top cryp­to exchanges like Binance, BYBIT and Kucoin.

Zilliqa Daily Chart

Technical analysis of Zilliqa price chart (4H).
Zilliqa Price Chart (4H)



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