- ZIL price retests the 50-day moving average for the first time since the 300% bull run began.
- Zilliqa price is back above a parallel channel median line.
- Invalidation of the bullish trade setup is a drop to $0.075.
Zilliqa price presents a high-risk trade setup
Zilliqa price shows hopeful signs for scalpers looking to catch a short-term trade. The current C leg has three sets of impulses within the move, which could be early evidence of its termination. Additionally, the ZIL price hit a low at $0.09235 but settled above the 50-day moving average. A 20% price spike into $0.1125 could occur, as this is the first time the price becomes acquainted with the moving average at these levels.
Zilliqa price currently trades at $0.09413 and is likely to experience choppy price action in this area before making a run back up. A dollar-cost average approach could be a great strategy for approaching this trade setup, as a new low around $0.084 is still possible. It is worth noting that the volume profile shows a tapering pattern adding more confluence that the downtrend will end soon.
ZIL/USD 4-Hour Chart
Invalidation of the bullish trade setup is a drop below $0.075, creating a 1-1 trade setup with a profit target at $0.1125. IfF, the bears, can tap this level, the uptrend scalp idea will be void. The bears could continue the downtrend towards $0.065, resulting in a 30% dip from the current Zilliqa price.