The ZIL price rally hit the $0.230 mark on April 1st, its highest in the past ten months. However, during mid-week, the several higher price rejection candles indicate the bullish momentum got exhausted from the sudden rally, which resulted in a 30% correction over the last three days. Continue reading to know the significant support levels that could renew the bull run.
Key points
- The daily-RSI slope turns down from the overbought zone
- The 50 and 100 DMA offers a bullish crossover
- The intraday trading volume in the Zilliqa coin is $2.2 Billion, indicating a 35% loss.
Source- Tradingview
The ZIL/USDT pair showed phenomenal growth during the late march, registering a $511 gain from the March 14th low to the April 1st high. The perpendicular rally reached a high of $0.23 on Saturday, but the aggressive sellers forced the ZIL price into forming a shooting star candle(High-wick candle).
A number of these higher price rejection candles indicate the failed attempts from buyers to sustain the above level, which eventually led to a minor correction. The retracement rally has devalued the ZIL price by 32%, dropping its 0.382 FIB level.
However, such corrections are needed to sustain a long uptrend.
Furthermore, the decreasing volume activity during the correction phase and a Doji candle at Fibonacci support(0.382) suggest a good rebound setup. Even so, if buyers failed to sustain above the $0.155 mark, the altcoin would dump another 14% to meet the 0.5 FIB level.
The ZIL price may consolidate for a few weeks; however, the coin sustaining above $0.365 is favorable to maintain a bullish sentiment.
Technical indicator
The Relative Strength Index(54) slopes tumbled lower after spending a week in the overbought region. However, the indicator value moving around 70% suggests an overall bullish sentiment.
The sudden upcurve in 20, 50, and 100 DMAs accentuates the aggressive buying from trades. Moreover, the 50 and 100 DMA triggers a positive crossover, encouraging the continuation of the bullish rally
- Resistance levels- $0.18, and $0.223
- Support levels are $0.153 and $0.136
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-tags-0-382-fibonacci-retracement-will-it-rebound/