Zilliqa (ZIL) Bucks Market Trends with a 10% Surge

Despite a challenging market environment, Zilliqa (ZIL) has displayed resilience by thwarting a potential breakdown from the $0.015 horizontal support zone and making a temporary comeback.

ZIL Price Defies the Odds - Rescues Breakdown from Long-Term Support

Throughout the year, ZIL has managed to maintain a position above the $0.015 level.

During this period, it experienced multiple rebounds from this support zone. However, each rebound was accompanied by the formation of a lower high, indicative of weakening momentum.

Chart by TradingView

Last week, ZIL appeared to breach the $0.015 region. However, it staged a remarkable recovery with the formation of a long lower wick and promptly reclaimed the support zone.

Such deviations and swift reclamations typically signify bullish signals and often precede trend reversals. Nonetheless, it's crucial for ZIL to secure a close above the minor resistance of $0.019 to confirm a bullish trend reversal.

Despite these seemingly bullish price movements, the weekly Relative Strength Index (RSI) remains uncertain.

While the RSI is trending upward, it has yet to breach the 50 mark. A close above the minor resistance line, coupled with the RSI surpassing 50, will serve as confirmation of a bullish trend.

Should ZIL's current upward trajectory persist, the immediate resistance zone at $0.0190 beckons, presenting a potential 13% gain from the current price.

However, in the event that the upward momentum falters, ZIL could experience a retreat back to its $0.0150 support level, translating to a 15% drop from the prevailing price level.