ZIL Price Prediction: Retrace Towards 0.50% Fibonacci Retracement Level; Is $0.11 Possible?

By Rekha chauhan
April 5, 2022 Updated April 5, 2022
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Zilliqa Price Analysis: ZIL Coin Recovery Rally Hints at 15% Gain

ZIL price falls for the fourth straight session in a row. However, the price traded in a very tight range indicating sellers might exhaust near the support level. ZIL opened lower and continued to trade in the negative territory.

  • ZIL price trades with a negative bias on Tuesday.
  • Expect more downside toward the 0.618% Fibonacci Retracement level.
  • The momentum oscillators tilt in favor of the bearish sentiment.

ZIL price remains bearish

Source: Trading View

On the daily chart, the ZIL price trades in a downward channel after testing the record highs around $0.23 at the beginning of the April series. The price declined nearly in five days. Now, the price is taking support around 0.50% Fibonacci retracement level at $0.13.

Now, if the price breaks below the mentioned level then more downside can be seen in the token. In this scenario, the first lower target could be found at the 0.618% Fibonacci retracement, which is extending from the lows of $0.0, the level at $0.11.

An extended sell-off would bring the lows of March 30 at $0.09 into play.

On the contrary, if the price is able to sustain the session’s low then it could bounce back to the horizontal resistance level at $0.15. A resurgence in the buying momentum would pave the way toward the $0.23% Fibonacci retracement level at $0.18.

As of press time, ZIL/USD is trading at $0.13%, down 2.41% for the day. The 24-hour trading volume is holding at $1,684,627,128 as per the CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index slipped below the average line since April 2. The pair reads at 65.

MACD: The Moving Average Convergence Divergence indicates receding bullish momentum while it holds above the central line. Any downtick in the indicator could strengthen the bearish outlook on the price.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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