Zilliqa Price Prediction: ZIL contemplates swinging higher as it approaches stiff resistance level


  • Zilliqa price has rallied 38% over the past three days, suggesting increased bullish momentum.
  • The supply zone extending from $0.133 to $0.145 will be a significant hindrance to the upswing.
  • A rejection at the said supply area will lead to a 25% correction to $0.100.

Zilliqa price has seen a massive run over the past week as it attempts to break through a critical resistance zone. The decline that followed the previously failed attempt on May 27 was cut short as bulls stepped in. Therefore, investors can expect ZIL to be successful this time.

Zilliqa awaits a trigger

Zilliqa price faced rejection thrice between May 26 and 27 as it attempted to slice through the supply zone, ranging from $0.133 to $0.145. However, a failure to overcome the sellers pushed it down 30% to the support level at $0.100, where the buyers halted this bleeding.

The upswing resulting from this barrier has propelled ZIL by 38% to where it currently trades, $0.128.

Due to the premature reversal in Zilliqa price, investors can expect the rally to breach through the said supply zone. A decisive 4-hour candlestick close above $0.145 will signal a breakout and the start of an upswing.

Such a move would further catapult ZIL upward by 46% to a resistance level at $0.174.

Adding credence to this uptrend is the recent recovery above the 100 four-hour Simple Moving Average (SMA) at $0.122. Moreover, the 50 four-hour SMA is already curving to the top, suggesting that the short-term momentum is rising.

The 200 four-hour SMA at $0.167 could also be a potential target of this run-up.

ZIL/USDT 4-hour chart

ZIL/USDT 4-hour chart

The bullish narrative is not set in stone. Therefore, Zilliqa price has a chance of heading lower if the bulls get overwhelmed by the selling pressure.

In such a case, ZIL might crash 25% to tag the immediate support level at $0.100. A convincing four-hour close below this level might invoke another 20% sell-off to $0.080.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: Musk changes tune on BTC as adoption and miners continue to make headway

Bitcoin price revival appears to be going well considering the recent sweep of the July 15 swing high. While this uptick in the market value of BTC is bullish, there is bound to be a minor pullback that will help catapult the pioneer cryptocurrency higher.

More Bitcoin News

TRON price sits on strong support while TRX bulls plan 70% breakout

A brief technical and on-chain analysis on TRON price. Here, FXStreet's analysts evaluate where TRX could be heading next as it seems bound for higher highs.

More Tron News

Cardano might pull back to $1.11 before heading higher

Cardano price has seen a quick run-up after approaching the trading range’s lower limit. While this uptick in ADA’s market value was obvious, investors should be aware of a minor pullback before the so-called “Ethereum killer” embarks on another leg up.

More Cardano News

Dash price must overcome imposing resistance to breakout

A brief technical and on-chain analysis on Dash price. Here, FXStreet's analysts evaluate where DASH could be heading next as it consolidates.

More Dash News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP