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

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.

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.

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.