ZIL price is in a continuous downward spiral but trades on a muted note on Tuesday. The recent price action had pushed it below the crucial retracement levels.
- ZIL price trades in a very tight range with no clear directional bias.
- Expect, a bounce back in the price if the price gives a daily close above the 0.618% Fibonacci retracement at $0.11.
- However, the downswing could extend toward $0.78.
ZIL price is near an inflection point
ZIL’s price witnessed a considerable drop in its buying since the record high of $0.23. The ZIL buyers failed to carry forward the gains beyond the mentioned level which led to a trend reversal. Investors collect the liquidity extending from $0.16 and $0.13.
Further, a fall below the crucial $0.618% Fibonacci retracement fuels the downside momentum extending the selling toward the March 30 lows at $0.98.
However, the formation of the ‘Doji’ candlestick suggests a tug of war between bulls and bears to take over the further trend direction. After a fall of 35%, the sellers look exhausted as the volumes dry up on the daily chart.
Now, a daily candlestick above $0.12 could mean a reversal is on the corner. In that case, the first upside target is located at the $0.5% Fibonacci retracement level at $0.13.
Next, the ZIL buyers would attempt to lock in 23% gains from $0.13 to $0.16.
As of writing, ZIL/USD trades at $0.10, down 0.13% for the day. The 24-hour trading volume stands at $696,087,313.
Technical indicators:
RSI: The daily relative strength index hovers near 50 with a neutral stance. If the oscillator tilts slightly toward the positive side then the price could see more upside in the short term.
Volume oscillator: The indicator trades near the oversold zone as the price continues to fall.
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.
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Source: https://coingape.com/markets/zilliqa-price-prediction-zil-price-challenges-0-618-fibonacci-retracement-keeps-eye-on-13-5-next/