|

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:

Editor's Picks

XRP struggles to hold modest gains as risk-off mood caps upside

Ripple (XRP) hovers above $1.15 on Tuesday, following a rejection near $1.20. The remittance token mirrors the broader risk-off mood, with Bitcoin (BTC) stalling around $63,000 and Ethereum (ETH) trading below $1,700.

Crypto Today: Bitcoin, Ethereum, XRP edge lower despite Middle East tensions easing

Cryptocurrency prices trade amid persistent selling pressure on Tuesday. Bitcoin (BTC) hovers near $63,000, Ethereum (ETH) above $1,650, and Ripple (XRP) around $1.14.

Venice risks bearish reversal amid easing demand and revenue

Venice holds near $16 on Tuesday, extending consolidation after correcting from all-time highs last week. On-chain data show a decline in token staking and burning amid a declining revenue stream, suggesting weaker demand.

Bitcoin Price Forecast: Persistent ETF outflows continue to limit recovery

Bitcoin trades slightly lower on Tuesday after struggling to hold above $64,000, a level that coincides with key daily resistance. Risk sentiment improved slightly after Iran and Israel halted a military escalation following an exchange of strikes.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.