Lorenzo Stroe
Independent Analyst
- Zilliqa price aims for a reversal after establishing a potential lower high at $0.10.
- The digital asset faces one critical resistance level that needs to be conquered by the bulls.
- If ZIL can’t hold $0.1, it will quickly drop to lower lows.
Zilliqa had a massive sell-off down to $0.09 but defended a critical support level and bounced towards $0.124. Now, the digital asset aims for a full-blown reversal as long as the bulls can hold the 200-SMA and conquer a critical resistance point.
Zilliqa price needs to beat $0.125 for a massive breakout
On the 4-hour chart, the most significant resistance barrier is located at $0.125 which coincides with the 50-SMA and the 100-SMA, as well as the previous high after the recent bounce.
ZIL/USD 4-hour chart
Zilliqa bulls must hold the 200-SMA at $0.10, establishing a higher low and then climb towards the key resistance point. A breakout above $0.125 has the potential to push Zilliqa price towards $0.15.
On the flip side, if ZIL bulls cannot hold the critical 200-SMA support level, the digital asset will quickly dive towards the last low established at $0.08, and perhaps even lower.
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