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

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

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.