|

Zilliqa Price Prediction: ZIL must regain this important level to remain bullish

  • 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 price

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.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple and Stellar outlook: XRP and XLM rebound amid mixed signals

Ripple and Stellar extend their recovery on Thursday after finding support at key technical levels. However, mixed derivatives and on-chain data for both altcoins suggest that traders remain cautious and have yet to show strong conviction in a sustained rebound. Derivatives data shows a mixed and cautious outlook among traders.

Crypto Overview: Bitcoin steadies above $76,000 amid Fed rate hike – Privacy coins rally

Bitcoin holds steady around $76,000 at press time on Thursday, showing near-term strength as the US Federal Reserve raised interest rates by 25 bps. Privacy coins, Zcash and Dash, post double-digit gains over the last 24 hours, emerging as top performers. Bitcoin hovers around $76,200 on Thursday holding steady after a 3% decline on Tuesday.

Bitcoin slips below $76.7K True Market Mean amid weak demand — Glassnode
Bitcoin (BTC) has slipped below its recent trading range and the True Market Mean at $76,700, but the top crypto has remained relatively resilient despite a failed Clarity Act Senate vote, FOMC rate hike and a broader altcoin sell-off.
Bitcoin, crypto market see muted activity following FOMC rate hike

Bitcoin (BTC) traded above $76,000 on Wednesday as the Federal Reserve raised its benchmark interest rate by 25 basis points, bringing the federal funds target range to 3.75%-4.00%. The unanimous 12-0 decision marked the Fed’s first rate hike since July 2023.

Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.