CryptoBusy, a pseudonymous technical and market analyst, recently provided a crucial update on the price of Zilliqa’s native token, ZIL. According to CryptoBusy’s analysis, ZIL is currently trading near a major support level around $0.01528. This support coincides with the apex of a large symmetrical triangle pattern on ZIL’s weekly chart.
CryptoBusy noted that symmetrical triangle patterns typically lead to high volatility breakouts once the price reaches the pattern’s apex. Therefore, ZIL could be on the verge of a major directional move in the coming weeks. However, CryptoBusy cautions that a confirmation candle is needed before determining if ZIL would break out or break down from the pattern.
ZIL has struggled significantly in 2022 amid the ongoing crypto bear market. Year-to-date, the token has produced nominal returns of just 3.77% and negative returns of -26.42% over the past six months. ZIL’s declines have accelerated recently, with the token falling -18.85% in the past month and -4.22% over the past week alone.
Currently, ZIL is trading around $0.016272 with $8.2 million in 24-hour trading volume, according to data from CoinmarketCap. The token has a market capitalization of $258 million and ranks 106 overall among cryptocurrencies.
CryptoBusy’s analysis provides an insightful technical perspective on a crucial inflection point for ZIL. The analyst highlighted ZIL’s multi-year resistance and symmetrical triangle as key factors determining whether ZIL would break out for exponential gains or break down further. The update offers traders and investors an informed view of ZIL’s precarious price action.
They urge traders to closely monitor ZIL’s price action near these levels and watch for a confirmation candle signalling the start of a new uptrend. CryptoBusy would look for a break above the triangle apex and break of the key multi-year resistance trendline to turn bullish on ZIL again.
