The Zilliqa(ZIL) price coils up after a freefall to the $0.122 support. The coin price tags a confluence of major technical supports at this level, mounting a solid foothold for buyers. Can the renewed bullish momentum overcome the ongoing correction rally?
Key points
- The ZIL price drop to the 0.618 Fibonacci retracement level
- The 100-day EMA is poised to cross above the 200-day EMA
- The intraday trading volume in the Zilliqa coin is $127.5 Billion, indicating a 138% gain.
Source- Tradingview
The ZIL/USDT pair witnessed a perpendicular rally in late March, which raised the altcoin price to the $0.23 mark. In less than three weeks, the ZIL price registered a 524% ROI from the $0.37 support.
However, the technical chart showed several high price rejection candles near $0.22 resistance, suggesting the buyer got exhausted from the sudden price jump. Following this rejection, the altcoin experienced a correction rally to $0.116.
The ZIL price tumbled by 49.7% as it reached shared support of 0.618 FIB level and 20-day EMA. The cluster of technical supports at the $0.116 mark could stall the ongoing correction rally and tease a bullish reversal.
However, a sudden reversal is not expected, and the price might consolidate above the $0.166 support before continuing the bullish rally.
Technical indicator
The Relative Strength Index(54) slope reverted from the overhead region and dropped beneath the 14-SMA line. However, the indicator value above the 50% mark suggests the market sentiment remains bullish.
The 20-day EMA aligned with the $0.116 support reinforced buyers to continue the bullish rally. Moreover, the 100-and-200-day EMA approaching a bullish crossover would give an additional push.
- Resistance levels- $0.137, and $0.153
- Support levels are $0.116 and $0.084
Disclaimer
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.
About Author
Source: https://coingape.com/markets/zilliqa-price-prediction-zil-correction-hits-major-technical-supports/