Since the start of 2022, the altcoin, Zilliqa, has been trading downward. When looking at its December highs, Zilliqa has lost around 60% declining towards its 14-month low on February 24th.
Once the upcoming metaverse project’s announcement was made, Zilliqa (ZIL) witnessed a bull run. Today, at the time of reporting, ZIL Price is trading at $0.1326 with a surge of 11.97% over the last 24hrs.
Zilliqa Flashes A Buy Signal
After surging 540%, the Zilliqa price saw tumbling down by 56% in just a week. The 540% surge had pushed ZIL price from $0.030 to an all-time high at $0.256. Notwithstanding this bull run, the altcoin dropped from an all-time high of $0.256 to the $0.100 range and the reason being investors booking profit and the Cryptocurrency market turning bearish.
Zilliqa price’s main support level stood at $0.120 and when the ZIL price couldn’t maintain this and plunge below this support zone, there was a selling pressure. After the Zilliqa price declined to $0.100 on April 18, the currency’s price rallied 31% and is now fluttering around $0.131.
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Furthermore, in the coming days, the investors can expect a 36% rally which will retest the first resistance barrier at $0.179. If the bulls successfully clear this barrier, Zilliqa’s price will make a move towards its all-time high at $0.256. This move towards $0.256 will account for a massive surge of around 91%.
On the other hand, if Zilliqa price decides to close the daily candlestick below $0.097 will reverse the bullish move for the altcoin as this would attract bearish lows.
Also, this move will invade a move that will be more favorable to bearish roar, and in some cases, the bears could even aim at a 40% crash to $0.059.
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Source: https://coinpedia.org/price-analysis/zilliqa-price-must-conquer-this-level-to-hit-new-ath/