Zilliqa Price Prediction: ZIL Price Challenges 0.618% Fibonacci Retracement; Keeps Eye On $13.5 Next

Rekha chauhan
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ZIL coin

ZIL price is in a continuous downward spiral but trades on a muted note on Tuesday. The recent price action had pushed it below the crucial retracement levels.

  • ZIL price trades in a very tight range with no clear directional bias.
  • Expect, a bounce back in the price if the price gives a daily close above the 0.618% Fibonacci retracement at $0.11.
  • However, the downswing could extend toward $0.78.
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ZIL price is near an inflection point

ZIL’s price witnessed a considerable drop in its buying since the record high of $0.23. The ZIL buyers failed to carry forward the gains beyond the mentioned level which led to a trend reversal. Investors collect the liquidity extending from $0.16 and $0.13.

Source: Trading View

Further, a fall below the crucial $0.618% Fibonacci retracement fuels the downside momentum extending the selling toward the March 30 lows at $0.98.

However, the formation of the ‘Doji’ candlestick suggests a tug of war between bulls and bears to take over the further trend direction. After a fall of 35%, the sellers look exhausted as the volumes dry up on the daily chart.

Now, a daily candlestick above $0.12 could mean a reversal is on the corner. In that case, the first upside target is located at the $0.5% Fibonacci retracement level at $0.13.

Next, the ZIL buyers would attempt to lock in 23% gains from $0.13 to $0.16.

As of writing, ZIL/USD trades at $0.10, down 0.13% for the day. The 24-hour trading volume stands at $696,087,313.

Technical indicators:

RSI: The daily relative strength index hovers near 50 with a neutral stance. If the oscillator tilts slightly toward the positive side then the price could see more upside in the short term.

Volume oscillator: The indicator trades near the oversold zone as the price continues to fall.

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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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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