$0.1 Fallout Suggests ZIL Correction Is Not Over

Zilliqa’s(ZIL) price has declined for five days, registering a 28% fall from the $0.136 resistance. As a result, the coin price breached the $0.1 psychological support suggesting the seller may extend the correction phase with the $0.81 mark as the next target.

Key points

• The post-rest fall may tumble the ZIL price by 18.5%
• The technical chart shows a strong demand zone at the $0.81 mark. 
• The intraday trading volume in the Zilliqa coin is $127.5 Billion, indicating a 138% gain.

Source- Tradingview

The Zilliqa(ZIL) price witnessed a minor consolidation following the 55% retracement during the first half of April. The coin price wobbled between the $0.136 and $0.1 levels, reflecting a narrow range.

However, the sellers took advantage of the ongoing sell-off in the crypto market and breached the $0.1 support. A 30% hike in trading volume bolsters the seller’s commitment to the breakdown.

By the press time, the ZIL price traders were at the $0.099 mark with an intraday loss of 6.73%.

If coin price provides daily-candle closing and sustainability below the $0.1 mark, the sellers may pull the price 18.5% lower to the $0.81 mark.

This support level is aligned with other technical supports, such as 200 DMA and 0.786 Fibonacci retracement levels, suggesting a strong area of interest for possible reversal.

Alternatively, if sellers failed to sustain below $0.1 support, the range rally would continue for a few more sessions. 

Technical indicator

The Relative Strength Index(54) slope drops lower into the bearish territory, suggesting negative sentiment building for the ZIL/USDT pair. 

Amid the recent price fall, the ZIL holders lost the 20 DMA support. This breached support now acts as dynamic resistance leading the further price action. Furthermore, the 200 DMA strengthens the sellers defense at $0.81 level.

• Resistance levels- $0.137, and $0.153
• Support levels are $0.116 and $0.084

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.