|

Zilliqa price bleeds, experts evaluate possibility of trend reversal

  • Zilliqa price has posted 35% losses over the past week, as the token continues its downward trend. 
  • Proponents believe Zilliqa is currently in the buy zone. 
  • Analysts believe Zilliqa price needs to make a comeback to $0.10, its psychological support level, to begin recovery. 

Analysts revealed a long-term bearish outlook on Zilliqa price. Yet not all analysts are bearish the altcoin and some believe Zilliqa price is currently in a buy zone and a rise in demand could fuel a trend reversal for ZIL. There is evidence traders are scooping up ZILat a discount  following the recent price dip. 

Zilliqa price continues its downtrend 

Ziliqa price has posted consistent losses over the past two weeks. Yet analysts at InvestorsObserver evaluated the token’s historical trading patterns and believe that Zilliqa is currently in a buy zone. 

While meme coins and metaverse tokens recovered from the recent crypto market bloodbath, Zilliqa has failed to wipe out its losses. Despite the project’s contribution to the DeFi ecosystem, there is a rise in selling pressure across exchanges. 

Proponents believe if investors “buy the dip,” Zilliqa price could begin its recovery. As the demand for the token increases, it could witness an increase in buying pressure and a price rally. 

Nancy Allen, a leading crypto analyst, noted that Zilliqa price has formed a lower high and lower low on the daily price chart. The token is trading below its 200-day Simple Moving Average. While Zilliqa is currently in the accumulation phase, the token could soon begin a trend reversal. 

Analysts argue that Zilliqa is currently in the oversold territory and buyers remain hopeful for a turnaround in Zilliqa price. Investors have continued accumulating ZIL at the current price level, “buying the dip," irrespective of the price drop. Zilliqa price could start an uptrend with a trend reversal soon. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.