$ZIL is heading towards 2021's ATH with a hint of bearishness.
NOT FINANCIAL ADVICE.
Zilliqa's is uptrending, in a good way.
From Mar 2020s all-time lows, we have had an insane trip breaking previous all-time highs.
There's also a seemingly neverending list of projects and partnerships being announced every week these days.
On Twittersphere, #ZilFam is growing fervently and the community is never bigger.
The best news of all is that its ecosystem is barely a fraction of the biggest in the crypto-verse -- there is just so much potential.
But all good things come to an end, at least for a short while.
We are now going through a good corrective period in this macro supercycle bull run, where mid-April ATH signalled the top for Wave 1.
A Wave 2 corrective trend, comprising of Corrective waves ABC, saw a healthy 55% drawdown 2 weeks ago, where it was one of the biggest dips since Covid19's reared its ugly head and spooked markets.
Corrective Wave A have played out fully and we are now on a Wave B underway.
While it may seem that price action might have turned the corner and started moving towards 2021's all-time highs and calls of $1 are being thrown about, I would err on the side of caution and examine these charts closer.
This simple Ichimoku Cloud indicator introduces us that while
ZIL is in a bullish macro trend, it's not a super-strong one yet (price action above a thin, malnourished kumo cloud, chikou span is healthy and uptrending).
With that in mind, we can digest this main post's idea that we could very well still be in a corrective trend.
Our Target Price for this wave's move will be in the region of $0.232~$0.253, before we can expect a reversal into a downtrending Wave C.
But is there a chance that price action will continue trending upwards and Wave B is invalidated, i.e we immediately transpose into an impulse supercycle Wave 3?
Of course! The probability exists, but take a look at this selling pressure since the turn of 2021:
MACD is uptrending, but it needs to increase further!
Until confirmation of a Wave 3 plays out, I'll be happy to take the current uptrending wave with a pinch of salt -- and I've had to consume plenty of salt from my previous bearish calls, mind you!
For your enjoyment, here's one of em 'bearish calls' that
ZILUSDT stomped on:
Until next time, keep smiling =D
Zilliqa's is uptrending, in a good way.
From Mar 2020s all-time lows, we have had an insane trip breaking previous all-time highs.
There's also a seemingly neverending list of projects and partnerships being announced every week these days.
On Twittersphere, #ZilFam is growing fervently and the community is never bigger.
The best news of all is that its ecosystem is barely a fraction of the biggest in the crypto-verse -- there is just so much potential.
But all good things come to an end, at least for a short while.
We are now going through a good corrective period in this macro supercycle bull run, where mid-April ATH signalled the top for Wave 1.
A Wave 2 corrective trend, comprising of Corrective waves ABC, saw a healthy 55% drawdown 2 weeks ago, where it was one of the biggest dips since Covid19's reared its ugly head and spooked markets.
Corrective Wave A have played out fully and we are now on a Wave B underway.
While it may seem that price action might have turned the corner and started moving towards 2021's all-time highs and calls of $1 are being thrown about, I would err on the side of caution and examine these charts closer.
This simple Ichimoku Cloud indicator introduces us that while
ZIL is in a bullish macro trend, it's not a super-strong one yet (price action above a thin, malnourished kumo cloud, chikou span is healthy and uptrending).With that in mind, we can digest this main post's idea that we could very well still be in a corrective trend.
Our Target Price for this wave's move will be in the region of $0.232~$0.253, before we can expect a reversal into a downtrending Wave C.
But is there a chance that price action will continue trending upwards and Wave B is invalidated, i.e we immediately transpose into an impulse supercycle Wave 3?
Of course! The probability exists, but take a look at this selling pressure since the turn of 2021:
MACD is uptrending, but it needs to increase further!
Until confirmation of a Wave 3 plays out, I'll be happy to take the current uptrending wave with a pinch of salt -- and I've had to consume plenty of salt from my previous bearish calls, mind you!
For your enjoyment, here's one of em 'bearish calls' that
ZILUSDT stomped on:Until next time, keep smiling =D
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.