Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Source Fxstreet
  • Zilliqa price breaks above a falling wedge pattern, signaling a bullish move ahead.
  • Everstake validators show that ZIL transactions have reached new highs, and staked tokens have surged 13.7 million.
  • RSI and AO indicators form bullish divergences, signaling a bullish reversal.
  • A daily candlestick close below $0.0151 would invalidate the bullish thesis.

Zilliqa (ZIL) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators signal a potential reversal and upward movement in ZIL price in the coming days.

 

Furthermore, renowned validators Everstake announced on social media platform X on Thursday that Zilliqa has reached a milestone with 67 million transactions. Additionally, the total amount of staked ZIL tokens has surged by 13.7 million, showcasing increasing investor confidence and commitment to utilizing the Zilliqa blockchain, hinting at a potential bullish trend ahead.

 

 

Zilliqa price shows potential for a bullish move

Zilliqa price broke above a falling wedge pattern on Monday and rose slightly higher by around 1.7% the next day. This pattern was formed by joining multiple swing high and low levels with trendlines from early March to mid-July. At the time of writing on Friday, ZIL trades around $0.0173, up by 1% in the day.

Additionally, the formation of a lower low on the daily chart on July 5 contrasts with the Relative Strength Index (RSI) indicator's higher high during the same period. This development is termed a bullish divergence and often leads to the reversal of the trend or a short-term rally.

If ZIL closes above the daily resistance at $0.0182, it could rally 15% to retest its next daily resistance at $0.0212.

 

Furthermore, if the bulls are aggressive, the overall crypto market outlook is positive, and ZIL closes above $0.0212. It could extend an additional rally of 18% to retest its weekly resistance at $0.0251.

ZIL/USDT daily chart

ZIL/USDT daily chart

 

However, if ZIL's daily candlestick closes below $0.0151 and establishes a lower low on the daily timeframe, it may signal a shift in market dynamics that favors bearish sentiment. Such a change could nullify the bullish outlook, leading to a 16% crash in Zilliqa's price to retest the September 21, 2020 low at $0.0126.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
May 01, Thu
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
placeholder
TRUMP Meme Coin Falls 16% As Short Sellers Remain Highly ActiveOFFICIAL TRUMP has seen notable volatility in recent days. The meme coin failed to breach its resistance level at $16 despite a brief bullish momentum last week.Since then, TRUMP has faced consistent
Author  Beincrypto
May 05, Mon
OFFICIAL TRUMP has seen notable volatility in recent days. The meme coin failed to breach its resistance level at $16 despite a brief bullish momentum last week.Since then, TRUMP has faced consistent
placeholder
Ethereum Price at Risk of Extended Decline as Bears Regain ControlEthereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
Author  NewsBTC
23 hours ago
Ethereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
placeholder
Solana (SOL) Faces Continued Downside Risk—More Losses LikelySolana started a fresh decline from the $155 zone. SOL price is now consolidating near $145 and might extend losses below the $142 support.
Author  NewsBTC
21 hours ago
Solana started a fresh decline from the $155 zone. SOL price is now consolidating near $145 and might extend losses below the $142 support.
goTop
quote