Zilliqa (ZIL)🔢 ZIL Analysis
🔹 Overall Status: The ZIL coin, after experiencing a downtrend within a descending channel, has now reached the channel's upper boundary. The PRZ zone (green zone), weekly resistance, and the upper boundary of the descending channel have acted as strong resistance, halting further upward movement. Currently, the coin is moving downward.
🔹 Support and Resistance Analysis:
1️⃣ Support Levels:
Initial Support: Fibonacci level 0.382, which could prevent further price decline.
Additional Supports: If the 0.382 level is broken, Fibonacci levels 0.5 and 0.618 will serve as subsequent support zones.
2️⃣ Resistance Zone:
PRZ Zone: Strong trading volume in this area indicates the potential for breaking this resistance.
🔹 Price Movement Predictions:
Bullish Scenario (if PRZ is broken):
The price could move toward the blue zones, overlapping with Fibonacci levels 1.618, 2.618, and 3.618.
High trading volume in this scenario would reinforce the validity of the movement.
Bearish Scenario (if the correction continues):
The upward wave that started from the bottom of the descending channel has now reached the 0.382 Fibonacci level.
If this level fails to hold, the price correction may extend to the 0.5 and 0.618 Fibonacci support levels.
🔹 RSI and Entry Signals:
Monitoring RSI behavior on daily and weekly timeframes is essential.
RSI entering the Overbuy zone could serve as a positive signal for further upward movement.
The midline of the ascending RSI channel may act as significant support.
✅ Conclusion and Recommendations:
1️⃣ Key Support and Resistance Levels:
Supports: Fibonacci levels 0.382, 0.5, and 0.618.
Resistance: PRZ zone and blue zones (Fibonacci targets).
2️⃣ Entry Strategies:
Enter incrementally after a correction and near key support levels.
Consider entry after breaking the PRZ zone and confirming price stability above it.
3️⃣ Risk Management:
Monitor trading volume near support and resistance levels to confirm price movements.
Track RSI behavior to gauge the strength of the trend.
💡 Don’t forget to manage your capital wisely and pay close attention to price action near critical levels.
