• Zilliqa price has posted 35% losses over the past week, as the token continues its downward trend. 
  • Proponents believe Zilliqa is currently in the buy zone. 
  • Analysts believe Zilliqa price needs to make a comeback to $0.10, its psychological support level, to begin recovery. 

Analysts revealed a long-term bearish outlook on Zilliqa price. Yet not all analysts are bearish the altcoin and some believe Zilliqa price is currently in a buy zone and a rise in demand could fuel a trend reversal for ZIL. There is evidence traders are scooping up ZILat a discount  following the recent price dip. 

Zilliqa price continues its downtrend 

Ziliqa price has posted consistent losses over the past two weeks. Yet analysts at InvestorsObserver evaluated the token’s historical trading patterns and believe that Zilliqa is currently in a buy zone. 

While meme coins and metaverse tokens recovered from the recent crypto market bloodbath, Zilliqa has failed to wipe out its losses. Despite the project’s contribution to the DeFi ecosystem, there is a rise in selling pressure across exchanges. 

Proponents believe if investors “buy the dip,” Zilliqa price could begin its recovery. As the demand for the token increases, it could witness an increase in buying pressure and a price rally. 

Nancy Allen, a leading crypto analyst, noted that Zilliqa price has formed a lower high and lower low on the daily price chart. The token is trading below its 200-day Simple Moving Average. While Zilliqa is currently in the accumulation phase, the token could soon begin a trend reversal. 

Analysts argue that Zilliqa is currently in the oversold territory and buyers remain hopeful for a turnaround in Zilliqa price. Investors have continued accumulating ZIL at the current price level, “buying the dip," irrespective of the price drop. Zilliqa price could start an uptrend with a trend reversal soon. 

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

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP