ZILETH - Looking for support, waiting for Main-Net
TL:DR - We broke the sideways channels and now look for support to stop our fall. Also we wait for main-net launch in 1-2 months.
This is the ZILETH chart with 4h candles. Since my last write up Zil briefly pierced the sideways channel resistance line but has since been in a free-fall in terms of value vs Ether. We are now looking for some sign of support. On the chart I have placed relevant support and resistance lines based off of prior support and resistance levels in April and May.
Currently we are at the bottom of what is likely a broad support zone between 0.000164 and 0.000179. If price can't find stability here then look to 0.000151 for the next support level. If no support is found there then an extreme low support would be 0.000134.
If buyers can be found in this market then I would expect resistance at 0.000179 and again at 0.00019 which, if price reaches this latter price, will be very strong resistance.
I did opt to sell some Zil at the top of the channel in early June and re-bought mid channel for a nice 5% profit. Had I held on till price hit the bottom of the channel it would have been 10%. I am currently max long for my portfolio on Zil. If price moves to 0.00019 I will likely sell a small chunk as I expect this level to give strong resistance.
In the mid term picture Zilliqa's main-net is supposed to launch sometime in the next 1-3 months. What I would like to do is review what price has done when other novel blockchain's have moved to main-net (e.g. EOS). Is the launch of main-net a "sell the news" type event or does it lead to price increases as the crypto proves it can execute? If you know of other crypto's that have started as ERC20 or other tokens and then converted to main-net please tell me in the comments section.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the ZILETH chart with 4h candles. Since my last write up Zil briefly pierced the sideways channel resistance line but has since been in a free-fall in terms of value vs Ether. We are now looking for some sign of support. On the chart I have placed relevant support and resistance lines based off of prior support and resistance levels in April and May.
Currently we are at the bottom of what is likely a broad support zone between 0.000164 and 0.000179. If price can't find stability here then look to 0.000151 for the next support level. If no support is found there then an extreme low support would be 0.000134.
If buyers can be found in this market then I would expect resistance at 0.000179 and again at 0.00019 which, if price reaches this latter price, will be very strong resistance.
I did opt to sell some Zil at the top of the channel in early June and re-bought mid channel for a nice 5% profit. Had I held on till price hit the bottom of the channel it would have been 10%. I am currently max long for my portfolio on Zil. If price moves to 0.00019 I will likely sell a small chunk as I expect this level to give strong resistance.
In the mid term picture Zilliqa's main-net is supposed to launch sometime in the next 1-3 months. What I would like to do is review what price has done when other novel blockchain's have moved to main-net (e.g. EOS). Is the launch of main-net a "sell the news" type event or does it lead to price increases as the crypto proves it can execute? If you know of other crypto's that have started as ERC20 or other tokens and then converted to main-net please tell me in the comments section.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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