fxs_header_sponsor_anchor

Zilliqa Price Prediction: ZIL could slip even lower after key pattern breaks bearish

  • Zilliqa price confirmed a double top pattern on the 4-hour chart.
  • The digital asset broke the support neckline and had a 24% sell-off.
  • The previous support is now acting as a strong resistance level.

Zilliqa price had a massive rally towards $0.161 on February 13 and topped out at $0.157 on February 20, forming a potential double top. This pattern was confirmed on February 23 after the bears broke the support neckline at $0.12 and had a ton of follow-through down to $0.09. 

Zilliqa price faces significant rejection from key resistance level

The previous support neckline of a double top pattern will usually become a strong resistance point on the way up. Zilliqa price just got rejected from $0.121 and bear can see a lot of continuation.

ZIL/USD 4-hour chart

The 50% Fibonacci retracement level perfectly coincides with the key resistance level at $0.121 adding even more credence to the bearish outlook. The next potential bearish target is down at $0.10 and eventually the previous low of $0.08.

To invalidate the bearish outlook, ZIL bulls must climb above $0.121 and see a candlestick close on the 4-hour chart. The next barrier is located at $0.13, which is the 61.8% Fibonacci level before a jump towards $0.16. 

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.