• Zilliqa price is bouncing off the $0.097 to $0.120 demand zone, suggesting a resurgence of buyers.
  • Investors can expect a run-up to tag the all-time high at $0.256 after clearing the $0.179 hurdle.
  • A daily candlestick close below the $0.097 limit will invalidate the bullish thesis for ZIL.

Zilliqa price is taking a break after an exponential rally, more than quadrupling in around a week. This massive upswing was followed by a retracement to a stable support level where ZIL attempts another leg-up.

Zilliqa price presents a buy signal on two fronts

Zilliqa price crashed 56% after surging 540% in around a week. This uptrend pushed the altcoin from $0.030 to an all-time high at $0.256. However, with investors booking profits and the market structure of the cryptos turning bearish, ZIL dropped from an all-time high of  $0.256 to $0.100. 

The daily demand zone, extending from $0.097 to $0.120 was the main support level that absorbed the incoming selling pressure. After a swing low at $0.100 on April 18, Zilliqa price has rallied 31% and is currently hovering around $0.131.

Going forward, investors can expect a 36% rally that retests the first hurdle at $0.179. Clearing this barrier is crucial for bulls to make a run for the all-time high at $0.256. Therefore, this resistance barrier will test the bulls’ conviction.

Assuming the above-mentioned level is flipped into a support level, there is a good chance ZIL will retest its all-time high at $0.256. This move to $0.256 would constitute a whopping 91% to $0.25.

ZIL/USDT 4-hour chart

ZIL/USDT 4-hour chart

On the other hand, a daily candlestick close below the $0.097 limit will invalidate the bullish thesis for ZIL as it would produce a lower low. This move will skew the odds in the bears’ favor and in some cases, even trigger a 40% crash to $0.059.

 


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


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP