ZIL, DOGE & COCOS: Technical Analysis For March 16
3 min readThe Ziliqa (ZIL) price is trading above support at $0.145, and approaching its all-time high price.
The Dogecoin (DOGE) price is facing resistance at $0.0625 but is expected to break out.
The Cocos-BCX (COCOS) price has bounced at the previous all-time high resistance of $1.20.
Ziliqa (ZIL)
ZIL has been moving downwards since Mar. 12, when it reached a high of $0.199.
Despite the drop, ZIL is trading above the $0.145 area, which previously acted as a resistance. Now, it has validated it as support. The area is the 0.618 Fib retracement of the most recent drop.
The MACD & Stochastic oscillator are both increasing. While the RSI is not, it is still above 70.
Therefore, it is likely that the long-term trend is bullish. If so, ZIL would be expected to gradually move upwards towards its all-time high price of $0.239.
The shorter-term two-hour chart shows that ZIL is trading inside a parallel descending channel. This is likely to be a corrective movement.
Therefore, a breakout is expected. The two-hour MACD also supports this.
Before moving to its all-time high, the closest resistance area is found at $0.21.
Highlights
- ZIL is trading above support at $0.145.
- It is trading inside a short-term parallel descending channel.
Dogecoin (DOGE)
DOGE Has been moving upwards since Feb. 23, when it reached a low below the 0.5 Fib retracement level at $0.045.
DOGE reclaimed the Fib support shortly afterward and has been increasing since.
Currently, it is trading just below the $0.0625 resistance area. So far, it has made two unsuccessful breakout attempts.
However, the Stochastic oscillator has made a bullish cross. Also, the MACD has given a bullish reversal signal.
Therefore, an eventual breakout is expected.
The shorter-term six-hour chart supports this possibility since it shows an ascending support line. When combined with the previously outlined horizontal area, it creates an ascending triangle.
A breakout that travels the entire height of the pattern would take DOGE to the previous highs at $0.086.
Highlights
- DOGE is facing resistance at $0.0625.
- It is following an ascending support line.
Cocos-BCX (COCOS)
COCOS is a lesser-known altcoin but is a part of both the Binance Smart Chain (BCS) and Non-Fungible Tokens (NFTs).
On March 15, COCOS bounced at the previous all-time high resistance area of $1.20.
Since the price is at an all-time high, we need to use an external Fib retracement to find the next resistance areas.
Doing so gives us resistance at $2 and $2.91.
The bullish cross in the Stochastic oscillator and the MACD increase support this possibility.
A closer look at the two-hour chart shows that COCOS is trading right at the 0.5 Fib retracement resistance at $1.52.
A breakout above this level is required for the short-term trend to be confirmed as bullish.
Both the short-term MACD & RSI support this movement. The former has given a bullish reversal signal while the latter has moved above 50.
Therefore, COCOS is expected to break out and move towards the resistances from the previous image.
Highlights
- COCOS has bounced at the $1.20 support area.
- There is resistance at $2 and $2.91.
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