Hello Crypto traders, today we will talk about ALTcoin Zilliqa (ZILUSD), in which we see pretty interesting development. From Elliott wave perspective we are actually tracking a big (A)-(B)-(C) flat correction that can be slowly coming to an end.
ZILUSD made sharp and impulsive decline back in May 2021 that was barely a leading diagonal formation within first leg (A). Later we were tracking wave (B) correction which has turned out to be a bigger A-B-C irregular/expanded flat pattern. Well, with recent another strong sell-off, seems like final wave (C) is now in progress. And, because wave (C) is a motive wave, it needs to be finished by a five-wave cycle of the lower degree.
Currently we are observing a small bearish triangle formation within subwave 4 that can easily send the price below February lows within final subwave 5 of (C). It will ideally stop somewhere in the 0.030 – 0.010 support zone, from where we will expect a bullish reversal.
Happy trading!