Hi dear friends, hope you are well and welcome to the new update on Zilliqa (ZIL).
Channel and a triangle:
On a daily time frame, Zilliqa had a fake-out from a down channel and formed a symmetrical triangle above the resistance of this channel. Finally, priceline broke down the support of the triangle and re-entered the channel again. Now we have strong support at $0.053. Therefore, there is a possibility that this time the price action will not test the support of the channel.
Huge triangle and SMA support:
On a weekly time frame Zilliqa has formed a descending triangle and it may test the support of this triangle once again. Right now it is very close to the support. There is also 200 simple moving average support below the support of this huge triangle. Therefore, the price reversal is very much possible.
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