$ZIL is heading towards 2021's ATH with a hint of bearishness.

NOT FINANCIAL ADVICE.

Zilliqa's is uptrending, in a good way.

From Mar 2020s all-time lows, we have had an insane trip breaking previous all-time highs.

There's also a seemingly neverending list of projects and partnerships being announced every week these days.

On Twittersphere, #ZilFam is growing fervently and the community is never bigger.

The best news of all is that its ecosystem is barely a fraction of the biggest in the crypto-verse -- there is just so much potential.

But all good things come to an end, at least for a short while.

We are now going through a good corrective period in this macro supercycle bull run, where mid-April ATH signalled the top for Wave 1.

A Wave 2 corrective trend, comprising of Corrective waves ABC, saw a healthy 55% drawdown 2 weeks ago, where it was one of the biggest dips since Covid19's reared its ugly head and spooked markets.

Corrective Wave A have played out fully and we are now on a Wave B underway.

While it may seem that price action might have turned the corner and started moving towards 2021's all-time highs and calls of $1 are being thrown about, I would err on the side of caution and examine these charts closer.

This simple Ichimoku Cloud indicator introduces us that while ZIL is in a bullish macro trend, it's not a super-strong one yet (price action above a thin, malnourished kumo cloud, chikou span is healthy and uptrending).

With that in mind, we can digest this main post's idea that we could very well still be in a corrective trend.

Our Target Price for this wave's move will be in the region of $0.232~$0.253, before we can expect a reversal into a downtrending Wave C.

But is there a chance that price action will continue trending upwards and Wave B is invalidated, i.e we immediately transpose into an impulse supercycle Wave 3?

Of course! The probability exists, but take a look at this selling pressure since the turn of 2021:

MACD is uptrending, but it needs to increase further!

Until confirmation of a Wave 3 plays out, I'll be happy to take the current uptrending wave with a pinch of salt -- and I've had to consume plenty of salt from my previous bearish calls, mind you!

For your enjoyment, here's one of em 'bearish calls' that ZILUSDT stomped on:

Until next time, keep smiling =D