Zilliqa Price Prediction: ZIL Correction Hits Major Technical Supports
The Zilliqa(ZIL) price coils up after a freefall to the $0.122 support. The coin price tags a confluence of major technical supports at this level, mounting a solid foothold for buyers. Can the renewed bullish momentum overcome the ongoing correction rally?
Key points
- The ZIL price drop to the 0.618 Fibonacci retracement level
- The 100-day EMA is poised to cross above the 200-day EMA
- The intraday trading volume in the Zilliqa coin is $127.5 Billion, indicating a 138% gain.
Source- Tradingview
The ZIL/USDT pair witnessed a perpendicular rally in late March, which raised the altcoin price to the $0.23 mark. In less than three weeks, the ZIL price registered a 524% ROI from the $0.37 support.
However, the technical chart showed several high price rejection candles near $0.22 resistance, suggesting the buyer got exhausted from the sudden price jump. Following this rejection, the altcoin experienced a correction rally to $0.116.
The ZIL price tumbled by 49.7% as it reached shared support of 0.618 FIB level and 20-day EMA. The cluster of technical supports at the $0.116 mark could stall the ongoing correction rally and tease a bullish reversal.
However, a sudden reversal is not expected, and the price might consolidate above the $0.166 support before continuing the bullish rally.
Technical indicator
The Relative Strength Index(54) slope reverted from the overhead region and dropped beneath the 14-SMA line. However, the indicator value above the 50% mark suggests the market sentiment remains bullish.
The 20-day EMA aligned with the $0.116 support reinforced buyers to continue the bullish rally. Moreover, the 100-and-200-day EMA approaching a bullish crossover would give an additional push.
- Resistance levels- $0.137, and $0.153
- Support levels are $0.116 and $0.084
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
