How does a 60% discount sound like?

It sounds like this chart above.

Foremost, Happy New Year! Indeed it has been, right?

$ZIL surpassed expectations as Cycle Wave II's compressed consolidation resulted in an explosive end of year run, briefly breaking Jul 2018's resistance.

Let's start the year with a macro view of $ZIL's performance in the short term (~9days to 50days). So, good news and bad news.

The good news is that I do not personally feel that this bull run is over, shown here with my bullish estimation of an upcoming Wave V (target price $0.11-$0.12).

The bad news is that I do not personally feel that Cycle Wave IV (a corrective zig-zag ABC) is over. Over the past few days, Bears are running riot as Bulls are taking a deserved breather. We can take Aug 2018's high of $0.049 as our immediate support level, which coincides with a Wave IV fib retracement 61.8% ($0.047).

Nevertheless, $ZIL is playing out within the 'buy the dip' range of $0.047 to $0.069.

So should one buy $ZIL today? 60% discount..

Comment:

Update 1: Worth noting that a pennant/flag is spotted here -- bullish signal.

Update 2: A divergence is also spotted on the 1H chart, as Bears go to work with diminishing efficacy on the MACD -- bullish signal.

Comment:

A double-btm is spotted -- usually a sign that the Bulls are overcoming the pressure that Bears present, with aplomb. Would have loved to have seen this on a longer time-frame, but we'll take a win, when it presents itself, but with caution, of course.

The semi-launch of Zilliqa's governance portal could have been a likely contributor to more $ZIL staking initiatives (where one earns free $gZIL).

The almost-certain stimulus from Biden's camp, as well as the imminent departure of a certain POTUS, could also be driving crypto markets up.

Comment:

So the Double-Btm was a headfake, as the price action dipped and continued trading within a triangle formation. A breakout is imminent as the channel narrows, but whether it's to the upside or more dips... stay tuned!