Zilliqa has a bullish short-term outlook, with the cryptocurrency enjoying a strong bid tone as the new trading month gets underway.
The four-hour time frame shows a bullish inverted head and shoulders pattern, with buyers now probing the neckline of the bullish pattern.
Technical indicators across the four-hour time frame are signaling further near-term gains for the ZIL / USD pair.
The overall upside projection of the inverted head and shoulders pattern on the four-hour time frame would take the ZIL / USD pair towards the current yearly trading high.
The MACD indicator is bullish on the four-hour time frame, with the MACD signal line issuing a strong buy signal.
Relative Strength Index
The RSI indicator is bullish on the four-hour time frame, although it is moving away from extreme overbought conditions.
The short term uptrend move can also be supported by the approaching end of the bootstrap phase (estimated to be on April 2nd, 2019), and the token swap which is planned for later this month. These are important steps to allow the use of Zilliqa’s blockchain at a full scale.
Zilliqa has a neutral medium-term outlook, with the cryptocurrency moving towards a test of its trend defining 200-day moving average.
A bullish breakout has occurred on the daily time frame, with the ZIL / USD pair moving above a large descending price channel.
Technical indicators on the daily time frame are turning higher and continue to show that bullish momentum is gathering pace over the medium-term.
Traders should note that the descending price channel on the daily time frame has been in play since January this year, making the recent breakout technically significant.
The MACD indicator is bullish on the daily time frame, with both the MACD signal line and histogram trending higher.
Relative Strength Index
The Relative Strength Index is bullish on the daily time frame and is signaling further strength in the ZIL / USD pair over the medium-term.
The medium-term potential of the project is pegged to the ability of the team to start implementing the project’s partnerships. The recent announcement of the successful collaboration with Mindshare on a live advertising campaign in Southeast Asia is a positive sign, and could be the beginning of Zilliqa’s road to wide adoption.
Zillaqa has an improving trading outlook over the short and medium-term, with both time frames now showing bullish patterns.
If buyers can move price above the ZIL / USD pair’s key 200-day moving average, the cryptocurrency is increasingly likely to target towards its current yearly trading high.