fxstreet.com 29 Jan, 2021 08:15 am

ZIL on the verge of a 67% move following extended consolidation

Zilliqa has been in consolidation after correcting from the December 2020 high of $0.099. Despite the rally observed across the cryptocurrency market

A symmetrical triangle pattern breakout on the 4-hour chart could add credence to the bullish outlook.Zilliqa draws nigh to a breakout A comprehensive look at the 4-hour chart shows ZIL trading at the apex of a symmetrical triangle.ZIL/USD 4-hour chart Looking at the other side of the picture Zilliqa's on-chain transactions topped out in October at nearly 1.Zilliqa monthly transactions It is also worth mentioning that the symmetrical triangle can culminate in a breakdown, especially if Zilliqa closes the day under the 50 SMA.

In this case, ZIL will confirm a breakout if it closes the day above the 50 Simple Moving Average.Despite the rally observed across the cryptocurrency market in January, ZIL remained relatively stable, especially after holding above $0.

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