|

Zilliqa Price Prediction: ZIL needs to recover above crucial support for 40% upswing

  • Zilliqa price has been on a massive downswing, suggesting a lack of buyer interest.
  • A recovery above the range low at $0.0693 will increase the odds of an upswing.
  • If ZIL breaks down the $0.0549 support level, it will invalidate the bullish thesis.

Zilliqa price has shown minor resistance to the sell-off, which has led to a steady downtrend. Now ZIL needs to recover above a crucial barrier to have any chance of heading higher.

Zilliqa price hangs in the balance

Zilliqa price crashed 30% from $0.097 to $.069 between June 20 and July 16 to tag the range low at $0.069 multiple times. Although ZIL slipped below this barrier, the recoveries have held the altcoin above it.

Therefore, investors need to note that a swift reclaim of $0.069 will indicate the presence of buyers and open up the possibility of a 25% upswing to $0.0853.

If the bullish momentum continues to increase after this climb, Zilliqa price will take a jab at $0.096, a 38% rally. In some cases, ZIL might sweep above this level to collect liquidity, which could be the sign of an incoming retracement before another leg higher.

If bullish, Zilliqa price will make a run toward the 50% Fibonacci retracement level at $0.108.

ZIL/USDT 6-hour chart

ZIL/USDT 6-hour chart

Regardless of the optimism and hope, a failure to climb past the range low at $0.069 will reveal bears’ plans to push ZIL lower. The immediate support level at $.060 is the last line of defense.

While a bounce from this barrier might kick-start an impulsive wave, a breakdown will invalidate the bullish thesis. If the selling pressure continues to rise after this development, Zilliqa price might tag $0.050.

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 holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.