zilliqa possible breakout but will be determined by BTC-dominanc
Zilliqa is moving towards a critical breakout point (zil/btc - zil/eth) doesn't matter.
However the chances of zilliqa breaking
-through the point of control
-through the ascending wedge
and make new highs are ultimately determined by BTC 0.66% .
Right now BTC 0.66% is stuck within a trading range and facing resistance from the kijun-sen 30 day moving average.
If BTC 0.66% doesn't pull any major moves to upset the equilibrium - high probability that ZIL will breakout of the wedge and move to new highs.
If BTC 0.66% pulls a $500- $1000 pump out of nowhere - ZIL will face a pullback. ( Bitcoin 0.66% rises in dollar value thus Zilliqa's value in eth or btc 0.66% will have to be adjusted by the exchange bots)
However the chances of zilliqa breaking
-through the point of control
-through the ascending wedge
and make new highs are ultimately determined by BTC 0.66% .
Right now BTC 0.66% is stuck within a trading range and facing resistance from the kijun-sen 30 day moving average.
If BTC 0.66% doesn't pull any major moves to upset the equilibrium - high probability that ZIL will breakout of the wedge and move to new highs.
If BTC 0.66% pulls a $500- $1000 pump out of nowhere - ZIL will face a pullback. ( Bitcoin 0.66% rises in dollar value thus Zilliqa's value in eth or btc 0.66% will have to be adjusted by the exchange bots)
We see a leptokurtic distribution bell curve forming around the high value node, which indicates another breakout is going to happen.
The high value node will act as support - price will just bounce off it.