Zilliqa (ZIL) could surge to $0.1 in this promising bullish setup

It seems like just yesterday when Zilliqa (ZIL) was making headlines after posting 500% gains in less than two weeks. Although the coin has sharply retreated from its 2022 highs, it’s still not badly off, given where it was at the start of the year. But investors could still get more returns in the near term.

• Zilliqa has established a channel breakout that could trigger a rally towards $0.1

• This would double ZIL’s current price if it were to happen.

• The coin will however need to smash past its 20 Day EMA to trigger this run.

Data Source: TradingView 

Zilliqa Price analysis: The road to $0.1

After bottoming at $0.045 in May, there is some reprieve for ZIL investors. Although the coin has not decisively rallied, it has managed to snap out of its May downtrend. Crucially, ZIL has also managed to rise above $0.05, suggesting that there could be a short-term relief rally in the coming days. 

However, the biggest challenge for ZIL bulls would be to find enough momentum to push the coin above its 20-day EMA of $0.58. At the moment, the coin is slightly below this mark and will need a gain of around 6% from the current price to smash the 20-day EMA. 

If this happens, ZIL will likely break out in a surging rally that could push the coin well towards $0.1. This will represent gains of around 100% from the current price.

Will ZIL reclaim its 2022 highs

In early March, ZIL managed to hit its all-time high after surging to $0.228. But ever since, the coin has struggled to find any additional momentum for more growth. 

As a result, ZIL has sharply fallen. It’s unlikely the coin will return to this ATH anytime soon. Instead, it will go through a period of consolidation at slightly above $0.1 in the medium term.