Zilliqa (ZIL) The price is giving signals of bullish hope for traders looking to catch a short-term trade. Three key signals were seen on the chart that could be early evidence that the “C leg” is ending in the move.
Additionally, ZIL price dropped as low as $0.09235 but still managed to climb above the 50-day moving average. As the price meets the moving average at these levels for the first time, it could trigger a 20% rally towards $0.1125.
Zilliqa price It is currently trading at $0.09413 and it seems likely to experience choppy price action in this area before making a reversal. The dollar cost averaging approach can be a great strategy to approach this trade setup as a new low near $0.084 still looks possible. The volume profile, on the other hand, gave an important signal that the downtrend will end soon.
To invalidate this bullish scenario, a drop below $0.075 creates a 1-1 trade setup with a profit target of $0.1125. If the bears can touch this level, the idea of an uptrend scalp will be invalidated. The bears could continue the downtrend towards $0.065, which represents a 30% drop from the current price.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.