Zilliqa price says wait for $0.08
- Zilliqa price RSI displays no bullish evidence thus far.
- ZIL price volume has increased above a critical Fibonacci level.
- Invalidation of the bearish scenario will be a close above $0.13082
Zilliqa price is still descending following the 380% rally seen in March. Although there will likely be profitable opportunities in the Crypto market soon, traders should not consider ZIL price as the first go-to.
Zilliqa price is not a first-round pick
Zilliqa price has stunned many traders with its incredible bull rallies during March. However, Zilliqa price action in April says traders could be looking at the wrong chart entirely. There is no evidence to suggest any more rallies for the Zilliqa price. The Relative Strength Index has much more space to fall before considering a bottom of the current sell-off. The red candles are steeply declining, and the volume has seen a slight uptick following the doji indecision candle on the 2-day chart.
Zilliqa price currently trades at $0.1080, above the 50% Fibonacci level surrounding the largest rally in March. The bulls' lack of defending price action warrants the assumption that the ZIL price next target will be at the 61.8% Fib level at $0.087, a 20% dip from the current price. Traders should wait to see a response from the bulls at this level before placing an entry.
ZIL/USDT 2-Day Chart
Invalidation of the bearish scenario is a close above $0.13082. If the bulls can accomplish price action at these levels, then a rally back into $0.16 and $0.17 will be back on the table, resulting in a 60% increase from the current Zilliqa price.
Author
FXStreet Team
FXStreet
