Zilliqa price seeks to wipe all gains since July, here’s what traders should keep in mind
|- Zilliqa price threatens to take out the liquidity under the July 13 bottom.
- ZIL price witnesses a reject of the 8-day simple moving average.
- Invalidation of the bearish thesis is a breach above $0.04.
Zilliqa price embarks on a vengeful decline
Zilliqa price shows bearish signals towards the end of August that investors stifled. Since July 13, the ZIL price has rallied 45% into a monthly high at $0.049. A rejection from the psychological $0.05 zone accompanied by a bearish death cross of the 8- and 21-day simple moving averages (SMA) were the catalysts for a shocking penny-from-Eiffel style sell-off. The Zilliqa price has since lost 90% of the recent profits made.
Zilliqa price currently auctions at $0.035 as the bears are threatening to take out the liquidity under the previous bull run catalyst at $0.034. A large influx of volatility could ensue if and when the breach occurs. Traders with safety stops dating as far back as June 19 low at $0.029 will be in jeopardy. The 8-day simple moving average subtly affirms the bearish idea as the bears decisively rejected the price near upon engagement.
Invalidation of the bearish thesis is a breach above $0.04. If the bulls can breach this level, they could induce the next Zilliqa bull run targeting $0.07 in the short term, resulting in a 100% increase from the current market value.
In the following video, our analysts deep-dive into Zillliqa's price action, analyzing key levels of interest in the market - FXStreet Team
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