Zilliqa price near all-time high at $0.235. Relative Strength Index (RSI) has shaped a bearish head-and-shoulders top. Historical precedent contradicts the bullish narrative. Zilliqa price has rallied 10,000% since March 2000 in a staircase shape to the most recent high at $0.211. Each leg higher has been followed by a 53% decline on average, of which the last two found support at the 10-week simple moving average (SMA). With the RSI carving out a head-and-shoulders top and historical precedent in favor of continuing this decline, ZIL could fall another 35% from current levels. Zilliqa price not finding a bid as the all-time high looms In December 2020, ZIL broke out from a bullish head-and-shoulders bottom, and it has held the 10-week SMA the entire rally. Volume has not been complimentary, excluding the first couple of weeks following the breakout; volume has been at or below average. Not what traders want to see at new rally highs. Technical patterns can form on indicators as well as price, with the RSI shaping a bearish head-and-shoulders top in the weekly chart. A break below the neckline will likely proceed price, alerting traders to flip to the short side. The first significant support is the 10-week SMA at $0.1204. Below is the 53% decline target from the most recent high at $0.099, representing a decline of 35% from current levels and 18% below the 10-week SMA. A panic sell-off would drive ZIL down to the 40-week SMA at $0.052 and potentially to the 0.382 Fibonacci retracement level at $0.037. ZIL/USD weekly chart Considering the overbought condition on the RSI, the best that bulls can hope for in the short-term is a test of this week’s high at $0.187. 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. View All Post By FX Street Crypto News share Read Next Forex Today: US dollar reigns due to decoupling between EU/US recovery FX Street 1 year Zilliqa price near all-time high at $0.235. Relative Strength Index (RSI) has shaped a bearish head-and-shoulders top. Historical precedent contradicts the bullish narrative. Zilliqa price has rallied 10,000% since March 2000 in a staircase shape to the most recent high at $0.211. Each leg higher has been followed by a 53% decline on average, of which the last two found support at the 10-week simple moving average (SMA). With the RSI carving out a head-and-shoulders top and historical precedent in favor of continuing this decline, ZIL could fall another 35% from current levels. Zilliqa price not finding a bid as… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.