Home Zilliqa Price Prediction: ZIL postpones 22% bull rally
Crypto News

Zilliqa Price Prediction: ZIL postpones 22% bull rally

  • Zilliqa price lacks momentum as it gets rejected at $0.1122 again.
  • A retracement to $0.1018 or $0.0946 is likely to be followed by an upswing.
  • If ZIL breaks down $0.0873, the bullish narrative will take a hit, leading to a potential 20%   sell-off.

Zilliqa price had plans of heading higher after rejection at the mid-way point of the range it is traversing. However, the weakness in Bitcoin price seems to have kept it from rising. As ZIL pulls back, it will try to find a stable support level that will cushion the drop and serve as a foothold for future upswings.

Zilliqa price corrects with the larger crypto market

Zilliqa price is traversing a range that extends from $0.0693 to $0.1551. Although ZIL stayed above the 50% Fibonacci retracement level at $0.1122, recently, it has shown weakness.

On June 9, Zilliqa price pushed above the said barrier but failed to stay there, leading to a 21% sell-off. The June 15 attempt is likely to face a similar fate as ZIL has already retraced roughly 8.7% and is well below $0.1122.

A continuation of this sell-off could result in a retest of the 62% and 70.5% Fibonacci retracement levels at $0.1018 and $0.0946, respectively.  

The two support floors mentioned above could serve as a platform that allows the start of a new uptrend. Such a move could propel Zilliqa price above the 50% Fibonacci retracement level at $0.1122 and tag the resistance level at $0.1171. Following a breach of this barrier might result in a retest of $0.1292.

If the buyers continue to persist here, ZIL will likely tag the range high at $0.1551.

ZIL/USDT 6-hour chart

ZIL/USDT 6-hour chart

However, a dip below the 79% Fibonacci retracement level at $0.0873 will invalidate the bullish thesis. In such a case, there is a high chance that Zilliqa price might revisit the range low at $0.0693, after a 20% sell-off.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.