Zilliqa (ZIL) has surged sharply in recent days. The coin climbed nearly 100% in a single day, and while many investors anticipated a pullback, bulls have continued to push the price higher. There appears to be little selling pressure on ZIL, and that trend may persist for a while. Key points to note:
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The ZIL rally over the past two weeks has been remarkable.
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At one point the coin gained 225% in just seven days before a minor retracement.
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We see no significant selling pressure, and ZIL could potentially rise another 100% in the near term.
Data source: TradingView
Zilliqa (ZIL) – Bulls firmly in control
In most cases when a coin rallies as strongly as ZIL has, a correction is a reasonable expectation. However, don’t assume that will happen right away for ZIL — bulls currently hold the upper hand. We expect the upward momentum to continue toward roughly $0.15 before the rally loses steam.
ZIL is trading near $0.09. Although it slipped roughly 5% over the past 24 hours as some traders took profits, the bullish momentum looks intact. The $0.11 level represents the first major resistance that bulls will need to overcome.
We believe ZIL can push beyond that resistance, but if bulls fail to break through, a pullback is likely. That pullback would probably be modest — a drop toward $0.08 would still leave ZIL near its highs for 2022.
How to take advantage of Zilliqa’s (ZIL) uptrend
The simplest approach for those looking to participate is to buy ZIL. Short-term traders may consider closing positions around $0.15 to lock in gains. Long-term investors should be cautious: the risk of a more substantial sell-off increases once ZIL reaches $0.15. A prudent strategy is to wait to see if the coin hits that level and then monitor any subsequent decline before adding or increasing a position.