Zilliqa price bleeds overnight as crypto analysts predict exit rally in the altcoin

  • Zilliqa price suffered a 7% decline overnight, and started a downward trend. 
  • Despite being listed by one of the largest and most liquid crypto exchanges Zilliqa is experiencing bearish sentiment among investors. 
  • Analysts believe Zilliqa is currently hit with an exit rally and could continue posting losses. 

Zilliqa price is suffering a decline, posting 7% losses consistently. Zilliqa has been listed on a cryptocurrency exchange, however, the listing event failed to influence the altcoin’s price positively in the short-term. 

Zilliqa price could decline on this condition 

Zilliqa price is currently suffering a downtrend after its rejection from the 0.5 Fibonacci retracement level. The altcoin has broken below its 50-day Exponential Moving Average (EMA), a further bearish sign in Zilliqa chart.

Zilliqa price has witnessed a consistent decline in its price over the past two weeks. The altcoin was hit by the crypto market bloodbath and failed to recover losses. 

The ZIL crypto is currently trading below its 50-day EMA. Bitpanda, a leading liquid exchange, recently listed Zilliqa, introducing the altcoin to more investors. Analysts believe Zilliqa price has a critical psychological level at $0.1, and the altcoin broke past it on April 26, 2022. 

A break past the psychological level is key to the altcoin’s price recovery and trend reversal. 

Analysts at The Market Periodical believe Zilliqa price could witness a spike in selling pressure and continue a downtrend. However, if Zilliqa price breaks past $0.1, the altcoin could confirm a bullish reversal and climb higher. 

Philipp Weber, a crypto analyst and trader, believes Zilliqa price could continue consolidating and drop to $0.078. The analyst notes that if Zilliqa price gets rejected and spirals lower, it could continue its downtrend. 

Zilliqa/TetherUS 1W chart

Can Özsüer, technical analyst and trader, is bullish on Zilliqa price and holds an opposing view. The analyst predicts a climb to $0.091. 

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.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.

More Cardano News

Ondo price poised to break ATH of $1.04

Ondo price poised to break ATH of $1.04

Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.

More Ondo News

Shiba Inu price flashes buy signal, 25% rally likely Premium

Shiba Inu price flashes buy signal, 25% rally likely

Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

More Shiba Inu News

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis