Zilliqa (ZIL) has been moving lower since hitting an all-time high in May, but has rebounded after hitting a long-term support area.

rebound led to a breakout of a descending wedge. ZIL is now aiming to move towards the two closest resistance areas at $ 0.09 and $ 0.115.

ZIL achieves long-term support

ZIL has been moving lower since May 6, when it hit an all-time high of $ 0.256. downward movement continued until a low of $ 0.05 was reached on July 20.

low was reached within the 0.786 Fibonacci retracement support area at $ 0.056.

While ZIL has recovered slightly from the low, technical indicators remain bearish. RSI is below 50, the Stochastic Oscillator has made a bearish crossover, and the MACD is almost negative.

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wedge break

short-term six-hour chart shows that ZIL has been trading within a falling wedge since May 23. After consolidating within the wedge to the aforementioned July 20 low, it broke out on July 22.

Both the MACD and the RSI are rising, supporting the continuation of the bullish move. closest resistance levels are at $ 0.09 and $ 0.115. se are the Fibonacci retracement resistance levels of 0.382 and 0.618 when the full length of the wedge is measured.

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Wave count

Cryptocurrency trader @CryptoTony_ outlined a ZIL chart, indicating that the token has started a new bullish momentum.

Source:

In the short term, the bullish move looks like the beginning of a new bullish momentum.

In this possibility, ZIL has just completed wave one (black) and is correcting into what is likely wave two.

Full momentum could carry the token towards resistance levels of $ 0.09 and potentially $ 0.0115. $ 0.09 resistance area also coincides with the 3.61 Fib extension of wave one.

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ZIL / BTC

ZIL / BTC chart looks decidedly bullish. token has been trading within a descending wedge since May 6. It is nearing the end of the pattern, so a decisive move is expected.

re is bullish divergence in both the MACD and the Stochastic Oscillator. Also, the RSI has moved above the 20 line.

If a breakout occurs, the closest resistance area would be at 277 satoshi.

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For the latest bitcoin (BTC) analysis from BeInCrypto, click here.

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