|

Zilliqa price crash pauses but can bulls restart rally to all-time highs

  • Zilliqa price shows a resurgence of buyers around the $0.097 to $0.121 demand zone.
  • Investors can expect a bounce to retest the $0.179 and $0.222 resistance barriers.
  • A daily candlestick close below $0.097 will invalidate the bullish thesis for ZIL.

Zilliqa price shows an interesting outlook after its recent sharp decline. This move south comes after the altcoin more than quadrupled in less than a month. Interestingly, there is a stable support area that could cauterize the bleed and allow bulls to take control.

Zilliqa price shows return in investors' interest 

Zilliqa price rallied a whopping 503% in less than 17 days, starting on March 15. This sudden and strong upward movement pushed the altcoin from $0.038 to $0.230. After this exponential run-up, the momentum for ZIL started to weaken due to investors booking profits and Bitcoin price retracing. 

As a result, Zilliqa price crashed 46% and is currently hovering around $0.124, which is just above the $0.097 to $0.121 demand zone. A dip into this area will allow buyers to purchase ZIL at a discounted price and could be key in triggering another uptrend.

If the bullish momentum makes a comeback, investors can expect Zilliqa price to retest the $0.179 resistance after a 50% uptrend. However, ZIL needs to climb 84% to tag the subsequent hurdle at $0.222.

ZIL/USDT 1-day chart

ZIL/USDT 1-day chart

While the outlook for Zilliqa price looks promising due to the presence of a stable support area, it could quickly go south if the big crypto decides to take a U-turn.

A daily candlestick close below $0.097 will invalidate the bullish thesis for Zilliqa price. Such a development will open the path for a steep correction to $0.057. However, the $0.080 and $0.057 support barriers might help in absorbing the incoming selling pressure.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.