- Zilliqa price sees bulls punching a whole in the bearish battle plan this week.
- Although making a new low for a second week, ZIL price has been putting bears out of their positions.
- Expect to see bulls ramping up price next week with the possibility of price doubling to $0.22.
Zilliqa (ZIL) price has been on a tear in March, only for the price to cool down roughly halfway around $0.12. Although price action faded further to the downside towards $0.10, bulls are plotting to push ZIL price back up towards $0.20 at least with a return to the all-time high at $0.26233 from May last year. With tail risk diminishing and the excellent attention for Zilliqa is the ‘new big thing’ in cryptocurrencies, expect current investors to profit from this brand.
ZIL price set to rally 142% as bulls squeeze out bears
Zilliqa price found support just above $0.10, which is a psychological level and is in the middle of the Fibonacci retracement levels 61.8% and 78.6%. Bulls are using the area to make a fade-in trade to slow down the fade after profit-taking got triggered with that massive move in March. As bulls return to the market, the drop makes the Relative Strength Index (RSI) cool down and pushes it back to middle levels away from being overbought.
In the first phase, ZIL price will jump to $0.15, which coincides with the 50% Fibonacci retracement level and fits as the price target for next week. Seeing that the bulls already made a higher high for the week than last week has resulted in bears being stopped in their additional short positions. Bulls will now chase for bears that have been shorting higher up, and hitting those stop losses could trigger an exponential move to the upside towards $0.26.
ZIL/USD weekly chart
Earlier this week, above the high of last week, the pop could turn into an entry point for bears to further short ZIL price and catch bulls in a bull trap. As price could plie further back to its opening price from Monday morning, bulls could get dragged further to the downside with mounting losses and set to get hit below $0.10. Once that happens, an accelerated move could set the scene for a nosedive towards $0.08 near the 78.6% Fibonacci level.
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.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.