Current Price: $0.02391 (+4.45%)

Resistance Zone: $0.02345 - $0.02432

Support Level: $0.02021

Zilliqa (ZIL) is testing a crucial resistance zone between $0.02345 and $0.02432, after a strong bounce from the support level at $0.02021. For the last 17 days, ZIL has been consolidating within this range, and the upcoming breakout will be key to determining its next move.

šŸšØ Key Levels to Watch:

Resistance Zone: The price is challenging the critical Purple resistance zone. A breakout above this level will not only break the current barrier but also reclaim a significant structural level previously serving as both support and resistance.

Bullish Scenario: A breakout could target $0.02747 (T.P1) and $0.03224 (T.P2), with potential to surge toward the Blue resistance zone ($0.03564 - $0.03792), a level historically tied to profit-taking and sell-offs.

Bearish Scenario: If the breakout fails and momentum fades, ZIL may retrace back to the support level at $0.02021.

šŸ“ˆ Trade Setup:

Entry Zone: $0.02496 (post-breakout confirmation)

Stop Loss (S.L.): $0.02259 (protect against a false breakout)

Take Profit Levels (T.P.):

T.P1: $0.02747 (Initial resistance target)

T.P2: $0.03224 (Next strong resistance)

T.P3: $0.03792 (Potential surge target)

šŸ“Š Market Analysis:

1. Consolidation Phase: ZIL has been consolidating for the past 17 days within a well-defined range, indicating a potential move in either direction.

2. Volume Confirmation: A breakout with increased volume will provide stronger conviction for a rally toward the resistance levels.

3. Strategic Risk Management: Always use tight stop-loss orders and carefully monitor price action for signs of a reversal.

šŸ§  Actionable Insights:

Patience is key! Wait for confirmation before entering the market. A solid breakout above $0.02432 with volume will increase the likelihood of a sustained upward move.

Risk Management: Always adhere to your risk management plan. The stop-loss ensures that potential losses are contained, while the multiple take profit levels provide flexibility and opportunities for partial profit-taking.

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