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.
Can Özsüer, technical analyst and trader, is bullish on Zilliqa price and holds an opposing view. The analyst predicts a climb to $0.091.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
