An analysis of the recent ZIL coin price action by FXStreet reports a reemergence of buyers is visible now in the market, and to expect a bounce especially in view of the “presence of a stable support area”. It goes on to state that, as always, outside/ macro crypto factors could prevail via a price drop over the wider crypto landscape that could take the ZIL token price along with it.
In addition, we want to supplement this analysis by pointing out this view of ZIL trading volume (using Messari.io’s “Real Volume” metrics and charting for April 7, 2022) that trading volume for the ZIL token may be down from its high of 7 days ago, but its volume today ($335M) far exceeds that of where it was 30 days ago ($10.94M)
image above via Messari charts on 4/7/22
- Zilliqa price shows a resurgence of buyers around the $0.097 to $0.121 demand zone.
- Investors can expect a bounce to retest the $0.179 and $0.222 resistance barriers.
- A daily candlestick close below $0.097 will invalidate the bullish thesis for ZIL.
Outlook Analysis
Zilliqa price shows an interesting outlook after its recent sharp decline. This move south comes after the altcoin more than quadrupled in less than a month. Interestingly, there is a stable support area that could cauterize the bleed and allow bulls to take control.
Zilliqa price rallied a whopping 503% in less than 17 days, starting on March 15. This sudden and strong upward movement pushed the altcoin from $0.038 to $0.230. After this exponential run-up, the momentum for ZIL started to weaken due to investors booking profits and Bitcoin price retracing.
As a result, Zilliqa price crashed 46% and is currently hovering around $0.124, which is just above the $0.097 to $0.121 demand zone. A dip into this area will allow buyers to purchase ZIL at a discounted price and could be key in triggering another uptrend.
If the bullish momentum makes a comeback, investors can expect Zilliqa price to retest the $0.179 resistance after a 50% uptrend. However, ZIL needs to climb 84% to tag the subsequent hurdle at $0.222.
ZIL/USDT 1-day chart
While the outlook for Zilliqa price looks promising due to the presence of a stable support area, it could quickly go south if the big crypto decides to take a U-turn.
A daily candlestick close below $0.097 will invalidate the bullish thesis for Zilliqa price. Such a development will open the path for a steep correction to $0.057. However, the $0.080 and $0.057 support barriers might help in absorbing the incoming selling pressure.
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Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
