Can Zilliqa price trigger a 50% exponential rally again

Zilliqa price retests the $0.097 to $0.121 demand zone after crashing 48%.
Due to the nature of the support, investors can expect a sharp bullish reaction that pushes ZIL to retest $0.179.
If the altcoin produces a daily candlestick close below $0.097, the bullish thesis will face invalidation.

Zilliqa price shows a slowdown in its momentum after a rally that caused its market value to more than quadruple. As the retracement enters a crucial support level, ZIL holders are faced with a decision that will determine their next move.

Zilliqa price at an inflection point

Zilliqa price moved from $0.038 to $0.230 by rallying a mind-blowing 503% in a little over two weeks. The rally on March 15 set up a swing high at $0.230. After this move, the altcoin began experiencing a slowdown in its momentum, leading to a reversal.

Combined with investors booking profits and Bitcoin price retracing, Zilliqa price crashed 48% to where it currently trades - $0.117. Interestingly, the $0.097 to $0.121 demand zone will serve as a major provider of buy-side liquidity.

Therefore, investors can expect a run-up to originate here. Depending on the optimism in the cryptocurrency market, this move could evolve into a rally that retests the $0.179 hurdle. The resulting upswing would constitute a 55% ascent.

ZIL/USDT 1-day chart

Regardless of the bullish possibility, the big crypto and the market look weak and less confident than they did last week. Therefore, a daily candlestick close below $0.097 will invalidate the bullish thesis for Zilliqa price.

Additionally, the move could also allow bears to crash ZIL to the immediate support level at $0.08 and $0.057. Due to the fair value gap extending from $0.097 to $0.051, the downswing is more than likely to occur.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram