In the middle of the last week’s storm, Zilliqa resumed bullish and retested a key resistance level over the weekend. Unfortunately, it failed to sustain pressure, and the price rolled back.
As most altcoins recorded losses and fell to their monthly lows in the past week, the price of ZIL went up by almost 12% during that bearish period.
However, it has maintained a higher high and higher low pattern since the price recovered above $0.02 in the past month. This recovery led the price to a critical resistance level of $0.036 but failed to sustain momentum due to rejection.
This rejection brought a small decrease during that week, but the price quickly picked up again following a strong bullish reaction at the $0.028 level. ZIL retested the critical resistance yesterday and still finds it difficult to conquer.
It has retraced with a 4% drop today. But there’s a possibility of recovery to bring the bulls back on track. The $0.0305 level was just rejected and seems to be holding on to the 4-hour chart.
A strong threshold at this level could attract buyers back into the market. It may even lead to a break above the recent rejection level if the buyers mount huge pressure.
ZIL Key Level To Watch
ZIL currently trades above a psychological level of $0.03. If the price falls below the level, the closest support to keep in mind is $0.0292. There’s also support at $0.0267 and $0.0245 for more drops.
For a bounce back, the primary resistance levels to watch out for lie at $0.0342 and $0.0369. A break from there could trigger a big rally towards the $0.038 resistance level
Key Resistance Levels: $0.0342, $0.0369, $0.038
Key Support Levels: $0.0292, $0.0267, $0.0245
- Spot Price: $0.031
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: karnoff/123RF // Image Effects by Colorcinch
