Zilliqa Price Prediction: ZIL postpones 22% bull rally

Zilliqa price had plans of heading higher after rejection at the mid-way point of the range it is traversing. However, the weakness in Bitcoin price seems to have kept it from rising. As ZIL pulls back, it will try to find a stable support level that will cushion the drop and serve as a foothold for future upswings.

Zilliqa price corrects with the larger crypto market

Zilliqa price is traversing a range that extends from $0.0693 to $0.1551. Although ZIL stayed above the 50% Fibonacci retracement level at $0.1122, recently, it has shown weakness.

On June 9, Zilliqa price pushed above the said barrier but failed to stay there, leading to a 21% sell-off. The June 15 attempt is likely to face a similar fate as ZIL has already retraced roughly 8.7% and is well below $0.1122.

A continuation of this sell-off could result in a retest of the 62% and 70.5% Fibonacci retracement levels at $0.1018 and $0.0946, respectively. 

The two support floors mentioned above could serve as a platform that allows the start of a new uptrend. Such a move could propel Zilliqa price above the 50% Fibonacci retracement level at $0.1122 to tag the resistance level at $0.1171. Following a breach of this barrier might result in a retest of $0.1292.

If the buyers continue to persist here, ZIL will likely tag the range high at $0.1551.

ZIL/USDT 6-hour chart

However, a dip below the 79% Fibonacci retracement level at $0.0873 will invalidate the bullish thesis. In such a case, there is a high chance that Zilliqa price might revisit the range low at $0.0693 after a 20% sell-off.