Zilliqa, (ZIL), started this week in a bullish position after breaking through a wedge pattern which had been descending on Monday. The altcoin experienced a noticeable uptrend, trading at $0.01440 in this article – nearly a 5% increase.
ZIL will extend its upsurges
After a 3.5% increase in the last day, this altcoin has a bullish outlook. On-chain data provided by Coinglass also suggests that Zilliqa will continue to rise in future sessions.
ZIL is on a bullish path as the open interest continues to rise while the ratio of longs-to-shorts remains above 1.
Zilliqa has delayed its move upwards yesterday (21 August) after it faced resistance at $0.0145.
This triggered a small dip in the current altcoin price. A closing above the $0.0145 hurdle could trigger a rally of 20% towards the peak price on 29 July, $0.0175.
The Awesome Oscillator (also known as the Relative Strength Index) and Awesome Oscillator oscillate around the neutral zones of 50 and zero, respectively. The indicators must move higher than the neutral level to sustain ZIL’s upward trend.
The open interest of the futures is increasing, and Coinglass’ data confirms Zilliqa’s bullish position. OI is the number of derivatives contracts that are awaiting settlement, and whether or not the cash flow in the contract has increased.
Open interest that is soaring indicates new funds entering the market and more buyers. This confirms an upward bias. A decline in OI indicates that investors are leaving the market.
At the time of publication, Zilliqa had an open interest totaling $9.67million. This is a huge increase from $8.27million on Monday.
This indicates that more money is entering altcoins and new buyers are buying them.
The ratio of 1. The 12-to-1 ratio is a strong indicator of ZIL’s positive outlook. A value greater than one indicates that most traders are expecting price increases.
Although technical indicators and data on the chain indicate a bullishness in Zilliqa’s price, market sentiments are still crucial to ZIL’s future trajectory.
Fed Minutes boost crypto price action
Following the Fed’s recent dovish position, crypto markets showed signs of recovery on Thursday. Investor confidence was boosted by the Federal minutes.
Bitcoin has surpassed $61,500 due to the anticipated rate reduction in September.
Low interest rates will boost cryptocurrency investments and may even propel prices to new highs. Analysts also expect an altcoin boom in the next few months.
The current outlook for the crypto markets supports Zilliqa’s bullish position in the near term, but the expected broad-based bull market would boost ZIL’s performance over the long-term.
ZIL Price
After the recent breakout of a downward pattern, tokens are still in a strong uptrend. ZIL has gained 3.5% in the last day, hovering at $$0.01440. The 10% increase in daily volume supports further rallies.
The broad market trends will be crucial in determining how the alt is going to perform. Zilliqa’s expected surges would be wiped out by a sudden, bearish trend.
ZIL could retest the $0.0108 support level if the daily candle closes below the low point of $0.0123 on 7 August – which is a drop of 12%.
This article Zilliqa extends gains following a falling wedge break-out; eye 20% surge can be updated as new information becomes available
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