Zilliqa’s (ZIL) price witnessed a roller-coaster ride in the past two months, starting from a perpendicular rally near the March-end and then a striking dip in April. Furthermore, the ongoing correction has recently pierced the 0.786 Fibonacci retracement levels, but today’s sudden price jump marks it as a false breakdown.
The ZIL price have been trapped in a bear market as the avalanche of falling prices started after the rejection faced at the $0.22 mark.
The deflation has brought the ZIL price below the $0.080 level during the end of April. However, early May is marked green as the bullish reversal retests the $0.08 fallout.
By the press time, the ZIL price traders at the $0.008 mark with an intraday loss of 18.6%.
If the ZIL price provides bullish closing and sustainability above the $0.08 support zone and 200-day EMA, the traders can expect a potential bull run above the psychological mark of $0.1.
However, the resistance zone coincides with the 0.618 FIB level lowering the chances of a prolonged bull run.
Therefore, a much more likelihood of sellers regaining trend control to push below the $0.058 level to challenge the psychological support barrier of $0.050.
RSI- The Relative Strength Index (37) slope shows a sharp surge from the oversold boundary, reflecting a bullish revolt ready to surpass the 14-day average.
EMA- The recent price jump attempts to retest the fallout of the 200-day EMA while the 20 and 50-day EMA give a bearish crossover, suggesting the sellers have the support hand
Chainlink price has been carving a path of resilience, supported by steady inflows and consistent…
Cardano price is eying a 30% surge in the coming weeks after forming a highly…
Ethereum ETF products have gained increased attention as the market observes new institutional entries. At…
Bitcoin price has continued to draw attention as the market reacts to fresh catalysts. At…
At press time, ONDO trades at $0.9083, marking a 5.2% drop in the past day.…
Dogecoin price has entered the spotlight again as technical structures and institutional filings spark optimism.…