- Zilliqa maintained downward trends since the $0.230 ATH on 1 April.
- A recovery past $0.16 may offer ZIL what it needs to retest the range’s topside boundary at $0.133.
- A daily candle close beneath $0.097 will cancel the bullish narrative.
Zilliqa (ZIL) presents an impressive recovery following the latest sell-off. This outlook shows bulls defending a vital zone, indicating a potential full-blown recovery past a support area. Let’s analyze what enthusiasts can wait for the altcoin.
ZIL Stuck in Fluctuating Markets
Zilliqa’s price experienced an explosive action that took ZIL to $0.230 from $0.046, translating to a 392% upsurge within a week. The massive upward move began encountering selling momentum between 31 March and 2 April. That saw ZIL losing nearly 56% to explore the $0.095 mark by 26 April before recovering to its current level of $0.102.
Furthermore, the previous three sell-offs created a unique lower low trend. Zilliqa saw a buying pressure surge each time it touched this trend line. The daily candles reflect such cases with the long tail wicks.
Nevertheless, the 26 April crash pushed Zilliqa beneath the range’s lower limit at $0.106. Thus, a swift recovery beyond it may allow the price to surge and retest the topside border at $0.133.
Buyers producing a 24hr candle closing beyond $0.133 will mean overcoming a substantial obstacle. That will clear the path for ZIL to rally towards $0.180. amplified buying strength will likely see Zilliqa retesting its ATHs.
On the other side, a 24hr candlestick closing under $0.097 will cancel ZIL’s bullish narrative. That can see the alternative token launching a 47% crash to explore the $0.050 value area.
While publishing this content, ZIL traded at $0.1031, surging 6% within the previous 24 hours. The uptick comes as the broad market battle to recover from the latest slump. Furthermore, Zilliqa will depend on overall market sentiment for its directional bias.
Bitcoin reflects the improved market mood with its 5.56% increase over the past day, changing hands at $40,618 at this publication. Also, the global cryptocurrency market cap gained 5.43% to $1.87 trillion. Maintaining the recovery stance will help Zilliqa extend its upside journey.
Editorial credit: Piotr Swat / shutterstock.com