ZIL Technical Analysis: Channel Breakout Intensifies Buying Pressure

ZIL price chart shows a bullish breakout of the falling channel pattern teasing a potential recovery rally to the $0.078 mark. Key technical points: The ZIL market value increased by 12.24% in the last 24 hours. Falling channel breakout struggles to rise above $0.058. The 24-hour trading volume of Zilliqa is $365 Million, indicating a hike of 216%. Past Performance of ZIL Starting from April 2022, the ZIL buyers began to exit their position resulting in an uncontrollable downfall, lowering the market value by 75%. The bearish spiral took the shape of a falling channel pattern resulting in the breakout of $0.10 and crossing slightly below $0.050. However, the bullish recovery reclaims the $0.050 threshold with a 13% bullish engulfing candle resulting in the bearish pattern breakout. Source- Tradingview ZIL Technical Analysis The increasing market demand for ZIL continues to increase its value during Asian market hours, however, it struggles to reach $0.058. Therefore, the smart investors should look for the retest of the trendline break or $0.058 breakout chance. Bullish crossovers in the DMI indicator as well as the decline of the ADX line indicate a reduction in bearish momentum, which results in the trend reverse. So, with the current trend moving forward and the upcoming trend reversal, we will soon witness a rising ADX line which is a sign of the rising in the bullish momentum. The VI lines have reclaimed an upward-facing ...