fxs_header_sponsor_anchor

Zilliqa Price Prediction: ZIL needs to recover above crucial support for 40% upswing

  • Zilliqa price has been on a massive downswing, suggesting a lack of buyer interest.
  • A recovery above the range low at $0.0693 will increase the odds of an upswing.
  • If ZIL breaks down the $0.0549 support level, it will invalidate the bullish thesis.

Zilliqa price has shown minor resistance to the sell-off, which has led to a steady downtrend. Now ZIL needs to recover above a crucial barrier to have any chance of heading higher.

Zilliqa price hangs in the balance

Zilliqa price crashed 30% from $0.097 to $.069 between June 20 and July 16 to tag the range low at $0.069 multiple times. Although ZIL slipped below this barrier, the recoveries have held the altcoin above it.

Therefore, investors need to note that a swift reclaim of $0.069 will indicate the presence of buyers and open up the possibility of a 25% upswing to $0.0853.

If the bullish momentum continues to increase after this climb, Zilliqa price will take a jab at $0.096, a 38% rally. In some cases, ZIL might sweep above this level to collect liquidity, which could be the sign of an incoming retracement before another leg higher.

If bullish, Zilliqa price will make a run toward the 50% Fibonacci retracement level at $0.108.

ZIL/USDT 6-hour chart

Regardless of the optimism and hope, a failure to climb past the range low at $0.069 will reveal bears’ plans to push ZIL lower. The immediate support level at $.060 is the last line of defense.

While a bounce from this barrier might kick-start an impulsive wave, a breakdown will invalidate the bullish thesis. If the selling pressure continues to rise after this development, Zilliqa price might tag $0.050.

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.