fxs_header_sponsor_anchor

Zilliqa Price Forecast: ZIL on the verge of a brutal fall

  • Zilliqa price is trading inside an ascending parallel channel on the daily chart.
  • The digital asset must hold a crucial support level to avoid a massive fall.
  • ZIL momentum has shifted in favor of the bears in the past three days. 

Zilliqa has lost 30% of its market capitalization in the past three days. The digital asset must hold a critical support level to avoid further downside action. 

Zilliqa price could be on the brink of another 30% fall

Zilliqa has formed an ascending parallel channel on the daily chart that can be drawn connecting the higher highs and lower highs with two parallel trendlines. 

ZIL/USD daily chart

The digital asset was on the verge of a breakout, but got heavily rejected by the top trendline. A breakdown below the lower boundary at $0.18 which coincides with the 50 SMA would be a significant blow capable of pushing Zilliqa price down to $0.16 and eventually to $0.13.

ZIL/USD 12-hour chart

On the other hand, if ZIL bulls can defend the lower trendline and push Zilliqa price above the 50 twelve-hour SMA, the digital asset could jump to $0.22 and up to $0.25. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.