Lorenzo Stroe
Independent Analyst
- Zilliqa price aims for a reversal after establishing a potential lower high at $0.10.
- The digital asset faces one critical resistance level that needs to be conquered by the bulls.
- If ZIL can’t hold $0.1, it will quickly drop to lower lows.
Zilliqa had a massive sell-off down to $0.09 but defended a critical support level and bounced towards $0.124. Now, the digital asset aims for a full-blown reversal as long as the bulls can hold the 200-SMA and conquer a critical resistance point.
Zilliqa price needs to beat $0.125 for a massive breakout
On the 4-hour chart, the most significant resistance barrier is located at $0.125 which coincides with the 50-SMA and the 100-SMA, as well as the previous high after the recent bounce.
ZIL/USD 4-hour chart
Zilliqa bulls must hold the 200-SMA at $0.10, establishing a higher low and then climb towards the key resistance point. A breakout above $0.125 has the potential to push Zilliqa price towards $0.15.
On the flip side, if ZIL bulls cannot hold the critical 200-SMA support level, the digital asset will quickly dive towards the last low established at $0.08, and perhaps even lower.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
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.
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.