Zilliqa breaking long-term weekly downtrend
Zilliqa has been in a long-term downtrend since April 2021, down around 80% at the time of this post (hit almost -90% earlier this year). There is a hard line being drawn in the sand that seems to correlate with pretty major moves in the market. Upon hitting the resistance trend line, there is almost always a move down of 50%, followed by a similar recovery back against the resistance line. This pattern was broken with the news of the Metapolis "launch" in March 2022, Zilliqa's attempt at a metaverse/metaverse-as-a-service (MaaS). After the Metapolis pump, Zilliqa has been under a trendline which can be traced back to the end of the bull run in 2020/2021. This leads me to follow a trend on the RSI...
Since at least 2020, when the RSI breaks above the 14-week SMA we have seen some major moves in volume and price (volume was not present in August 2021 and led to only a ~75% gain). Breaks above this RSI SMA have resulted in moves of 600%, 1200%, 78% (no-volume full-on bear market), and 500%.
With the recent, what seems to be, bottoming action in the market it appears that Zil has found its footing around the $0.04 mark and has been moving up nicely for the past 5 weeks. The price was able to break above the trend line but was quickly rejected. A second move above the trend line has seemed to hold steady as the resistance has now been tested as support, and held, over the past 2 weeks. I believe this could be the beginning of another significant move for Zil.
Some Fib. analysis has Zil looking at the same old areas of resistance in price, $0.08-$0.10, $0.13, $0.15, $0.18, and finally the all time high of $0.24. All signs point up for me from here.
This is not financial advice :)
Since at least 2020, when the RSI breaks above the 14-week SMA we have seen some major moves in volume and price (volume was not present in August 2021 and led to only a ~75% gain). Breaks above this RSI SMA have resulted in moves of 600%, 1200%, 78% (no-volume full-on bear market), and 500%.
With the recent, what seems to be, bottoming action in the market it appears that Zil has found its footing around the $0.04 mark and has been moving up nicely for the past 5 weeks. The price was able to break above the trend line but was quickly rejected. A second move above the trend line has seemed to hold steady as the resistance has now been tested as support, and held, over the past 2 weeks. I believe this could be the beginning of another significant move for Zil.
Some Fib. analysis has Zil looking at the same old areas of resistance in price, $0.08-$0.10, $0.13, $0.15, $0.18, and finally the all time high of $0.24. All signs point up for me from here.
This is not financial advice :)
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