• Zilliqa price has rallied 280% in the last two weeks
  • ZIL price has tapped the 1.618 Fibonacci level
  • Invalidation for the bullish thesis will be a closing candle below $0.125

Zilliqa price has been one of the best performing cryptocurrencies to hodl this month as the digital asset has rallied by more than 280%. Further gains are possible, but traders should be careful about a spike in profit-taking.

Also read: AMC stock falls 13% after FXStreet profit call on Wednesday

Zilliqa price has traders in a frenzy

Zilliqa price is currently hovering above $0.17, a price level that seemed astronomically distant from the March 21’st opening price of $0.04. The 8-hour chart suggests the uptrend will continue as ZIL price has printed a large bullish engulfing candle. The ramping volume pattern also confounds further gains on the horizon.  

ZIL price has one caveat to the current price action. The Fibonacci retracement indicator surrounding the largest impulsive wave within the rally suggests the 1.618 level at $0.165 plays a lot of importance on Zilliqa price. Traders aware of the prominent 1.618 Fib level will likely have their trailing stop losses around this price point to secure profit. This scenario warrants market makers to hunt for liquidity around the current ZIL price. 

Traders should expect sideways price action and, at worst, a deeper correction into potentially $0.14 in the short term for market makers to collect liquidity

ZIL 3/30

ZIL/USDT 8-Hour Chart

More bullish price action can occur for Zilliqa price if the bulls can print a closing candle above $0.17 on the 8-hour chart. Bulls will need more buying volume for this equation to transpire. If this happens, the next target for ZIL price will be $0.22, representing a 40% rise above the current price]

An Invalidation for the bullish thesis will be a closing candle below $0.125 on the 8-hour chart. Investors would likely be encouraged to take profits if this were to occur, pushing Zilliqa price into $0.09 and potentially $0.07.



 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP