Zilliqa forms bullish pattern at support, awaiting breakout confirmation
The post Zilliqa forms bullish pattern at support, awaiting breakout confirmation appeared on BitcoinEthereumNews.com. Zilliqa is currently trading at range lows within a critical support region marked by the value area low and swing low. A bullish broadening wedge is forming, indicating a potential structural reversal if the resistance level is broken. Zilliqa (ZIL) is forming a potential bottoming pattern at a historically significant price zone. The asset is currently consolidating near the value area low, which also aligns with a prior swing low, making this area structurally important for any upcoming bullish reversal. The technical formation in play is a bullish broadening wedge. While the upper resistance of this pattern has not yet broken, a decisive breakout with strong volume would likely signal the start of a bullish expansion phase. Price action is coiling, and historical data suggests that breakouts from this region often result in aggressive upside moves. Key technical points Bullish Broadening Wedge: Developing at value area low and swing low region Resistance Not Yet Broken: Pattern remains inactive until dynamic resistance is breached Volume Profile Below Average: Breakout needs strong volume influx to confirm activation ZILUSDT (1W) Chart, Source: TradingView ZIL is trading within a broadening wedge structure near the value area low, which historically has acted as a springboard for upward moves. This type of wedge is considered a bullish continuation pattern, especially when found at range lows. However, for it to be considered active, price must first break above the dynamic upper resistance that defines the wedge’s expanding shape. Currently, the price remains inside the pattern, and volume is below average. This suggests that bulls have not yet stepped in with conviction. However, the setup remains constructive. A reclaim of the value area low, combined with a breakout above the wedge’s resistance, would be the key trigger for pattern activation. Once confirmed, the price could rally quickly toward…
The post Zilliqa forms bullish pattern at support, awaiting breakout confirmation appeared on BitcoinEthereumNews.com.
Zilliqa is currently trading at range lows within a critical support region marked by the value area low and swing low. A bullish broadening wedge is forming, indicating a potential structural reversal if the resistance level is broken. Zilliqa (ZIL) is forming a potential bottoming pattern at a historically significant price zone. The asset is currently consolidating near the value area low, which also aligns with a prior swing low, making this area structurally important for any upcoming bullish reversal. The technical formation in play is a bullish broadening wedge. While the upper resistance of this pattern has not yet broken, a decisive breakout with strong volume would likely signal the start of a bullish expansion phase. Price action is coiling, and historical data suggests that breakouts from this region often result in aggressive upside moves. Key technical points Bullish Broadening Wedge: Developing at value area low and swing low region Resistance Not Yet Broken: Pattern remains inactive until dynamic resistance is breached Volume Profile Below Average: Breakout needs strong volume influx to confirm activation ZILUSDT (1W) Chart, Source: TradingView ZIL is trading within a broadening wedge structure near the value area low, which historically has acted as a springboard for upward moves. This type of wedge is considered a bullish continuation pattern, especially when found at range lows. However, for it to be considered active, price must first break above the dynamic upper resistance that defines the wedge’s expanding shape. Currently, the price remains inside the pattern, and volume is below average. This suggests that bulls have not yet stepped in with conviction. However, the setup remains constructive. A reclaim of the value area low, combined with a breakout above the wedge’s resistance, would be the key trigger for pattern activation. Once confirmed, the price could rally quickly toward…
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