Zilliqa is ready to continue the uptrend as its price breaks through the bull flag formation. Following the break of the bullish flag and a one-month consolidation period, Zilliqa (ZIL) is preparing for another bullish run.
Other gains on the horizon of Zilliqa (ZIL)
The 214% bull rally between December 14 and December 27 formed the flagpole of the model. Meanwhile, the descending parallel channel that has developed since then formed the flagship of the model.
The recent surge in buying pressure was a potential boom, allowing ZIL to break the flag’s upper trendline at $ 0.078.
If the buy orders continue to accumulate, the market value of Zilliqa could increase by about 70% to $ 0.13. This goal is achieved by measuring the height of the flagpole and adding this distance to the break point.
Parabolic SAR is another indicator that adds confidence to the optimistic perspective. The indicator that follows this trend estimates that Zilliqa’s bearish trend has come to an end within the same time frame.
Every time the stop and reversal points fall below the price of an asset, it is considered a positive sign. Hence, the recent reversal indicates that the trend direction of ZIL is changing from bearish to bullish.
According to historical data, the stop and reversal system has been quite effective in determining the course of Zilliqa. The last two strong buy signals of parabolic SAR on the 12-hour chart, the price of ZIL increased by 14% and 95% respectively.
The optimistic outlook will remain intact as long as the 50 moving average continues in the 12 hours. However, by breaking this important support barrier, the possibilities will be greatly increased for a significant correction.
If this happens, the 100 and 200 moving averages come into play in 12 hours. These interests are currently hovering around $ 0.056 and $ 0.038, respectively.