Hey friends, hope you are well, and welcome to new update on Zilliqa coin.
Previously we have seen that the Zilliqa formed a bullish Shark and then turned bullish from the potential reversal zone of this pattern and produced more than 170% rally as predicted:
The previous idea before execution:
The previous idea after 170% rally:
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The resistance of Wedge has been broken out:
Then we have seen that the Zilliqa coin was at the resistance of a falling wedge pattern:
Now finally, the price action of Zil has broken out the resistance of the wedge.
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The simple moving averages on daily and weekly time frame:
On daily chart, the price action has broken out the 200 simple moving average resistance after a lot of attempts since 25 Nov. Now the price line has strong supports of simple moving averages with the time period of 25, 50, 100, and 200.
Now at this time on weekly chart, the price action is breaking out the 100 simple moving average.
Breaking out the Ichimoku cloud:
Now on the weekly chart, the price action of Zilliqa has found a bullish cloud resistance, before this, it was weak bearish, so it was easy to break out such cloud resistance therefore, now the priceline is breaking out the cloud. Once it will be broken out then Zilliqa can turn more strong bullish in the long term.
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Conclusion:
The price action has broken out the wedge on the weekly chart and 200 SMA on the daily time period. Now if on the weekly chart, the Zilliqa will breakout the Ichimoku cloud then we can observe a very long-term bullish rally.
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