Zilliqa (ZIL)There was a lot of talk in the crypto money world after it almost quadrupled its price recently. The price showed a slowdown after the astronomical rally. The pullback resulted in approaching an important support level. ZIL owners should keep a close eye on the critical resistance that will affect their next move.
Zilliqa Price at Milestone
Zilliqa price managed to rally 503% astronomically from $0.038 to $0.230 in a little over two weeks. The rally that started on March 15 established a swing high at $0.230. After this move, the altcoin started to experience a slowdown in momentum, which led to a reversal.
Combined with investors looking to profit and the impact of Bitcoin price, ZIL price It fell to where it’s currently trading and is down 48%. Interestingly, the demand zone of $0.097 to $0.121 will serve as the main provider of buy-side liquidity.
Investors can expect a rise at this level to begin. Depending on the optimism in the markets, this move could result in a rally where it retests the $0.179 resistance. If this scenario happens, the price will increase by 55%.
Despite the possibility of ascension, Zilliqa does not seem to be as strong and confident as it used to be. Therefore, a daily candlestick near $0.097 will invalidate the bullish thesis for Zilliqa price.
Additionally, this move could open the way for the bears to drop the ZIL to the immediate support levels at $0.08 and $0.057. A decrease is much more likely to occur due to the fair value difference ranging from $0.097 to $0.051.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.