Why Zilliqa price will retest its all-time high soon
|- Zilliqa price is bouncing off the $0.097 to $0.120 demand zone, suggesting a resurgence of buyers.
- Investors can expect a run-up to tag the all-time high at $0.256 after clearing the $0.179 hurdle.
- A daily candlestick close below the $0.097 limit will invalidate the bullish thesis for ZIL.
Zilliqa price is taking a break after an exponential rally, more than quadrupling in around a week. This massive upswing was followed by a retracement to a stable support level where ZIL attempts another leg-up.
Zilliqa price presents a buy signal on two fronts
Zilliqa price crashed 56% after surging 540% in around a week. This uptrend pushed the altcoin from $0.030 to an all-time high at $0.256. However, with investors booking profits and the market structure of the cryptos turning bearish, ZIL dropped from an all-time high of $0.256 to $0.100.
The daily demand zone, extending from $0.097 to $0.120 was the main support level that absorbed the incoming selling pressure. After a swing low at $0.100 on April 18, Zilliqa price has rallied 31% and is currently hovering around $0.131.
Going forward, investors can expect a 36% rally that retests the first hurdle at $0.179. Clearing this barrier is crucial for bulls to make a run for the all-time high at $0.256. Therefore, this resistance barrier will test the bulls’ conviction.
Assuming the above-mentioned level is flipped into a support level, there is a good chance ZIL will retest its all-time high at $0.256. This move to $0.256 would constitute a whopping 91% to $0.25.
ZIL/USDT 4-hour chart
On the other hand, a daily candlestick close below the $0.097 limit will invalidate the bullish thesis for ZIL as it would produce a lower low. This move will skew the odds in the bears’ favor and in some cases, even trigger a 40% crash to $0.059.
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