The Zilliqa(ZIL) technical chart shows multiple higher price rejection candles at $0.211 resistance. This constant rejection from above may trigger a bearish reversal and plunge the altcoin to the $0.136 mark. Is its safe to hold during the correction?
- ZIL chart shows several high-tail rejection candles at $0.221 resistance
- The ZIL price could correct till the 0.5 Fibonacci retrenchment level
- The intraday trading volume in the Zilliqa coin is $3.4 Billion, indicating a 32% loss.
The sudden pump in the ZIL/USDT pair after the launch of the ZIL metaverse, ‘Metapolis,’ and recent partnership with other firms registered a 371% gain in just six days. As a result, the altcoin reached a high of $0.231 on 1st April, Its highest in the last eleven months.
However, the coin chart displays a long rejection candle at $0.231 resistance, indicating the sellers are restricting any further growth from this point. These failed attempts from buyers suggest they are exhausted, and a minor correction is needed to renew the bullish momentum.
As per the Fibonacci retracement level, the traders can expect the pullback support to $0.157(0.326 FIB) or $0.136(0.5 FIB).
The Relative Strength Index(54) slopes have surged straight to the overbought territory, indicating overvaluation of the coin rice. This bolsters the possibility of a minor retracement to stabilize the aggressive buyers.
The perpendicular rally has surged the ZIL price high above the exponential moving average(20, 50, 100, and 200). However, the coin price should keep a reasonable distance from its moving average to maintain a healthy bull run, which also signals a potential pullback.
- Resistance levels- $0.221, and $0.256
- Support levels are $0.157 and $0.136
- Just-In: Avalanche Asks ApeCoin To Ditch Ethereum For Otherside Launch
- Tron (TRX) Overtakes Shiba Inu In Value On This Key Reason
- Voting On New Terra Chain To End Soon, Where Does The Tally Stand?
- Ethereum Gas Fee Drops To the Lowest Since July 2021, ETH In Accumulation Phase
- Popular Crypto Wallet MetaMask to Integrate Coinbase Pay As Part of Web 3 Push
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?