- Zilliqa has its price stabilizing near the demand zone of $0.097 – $0.120, preparing for the coming leg-up.
- Market players can await consolidation near this support to lead to a 60% surge to $0.18.
- A daily candle close beneath $0.097 will invalidate ZIL’s bullish thesis.
Zilliqa reveals a fascinating pattern that may generate colossal surges for crypto investors. As the alt rebounds from a steady demand region, ZIL will likely see another leg-up. For now, traders can await a massive upswing from the alt. Let’s dig dip.
Zilliqa Ready for another Uptrend
Zilliqa saw its price surging approximately 503% in about two weeks. That saw the alt peaking at $0.230 from the $0.038. This massive upsurge started on 14 March, but headwinds emerged on 31 March amid profit-booking activities. As a result, bears emerged, translating to a 55% decline toward the current levels of $0.113.
Zilliqa’s capitulation appeared as Bitcoin endured a flash crash in late March. The magnified sell-side momentum saw ZIL tagging the demand region at $0.097 – $0.121. As the alt see continued coiling up at this zone, fence buyers that missed the first leg-up may join the craze. Thus, a buying pressure resurgence will likely catalyze another upward rally.
The $0.179 mark remains the logical hurdle and will emerge after ZIL surges 60% from its current levels.
Though things seem sketchy for the alt market due to BTC’s uncertain nature, a daily candle close under $0.097 will cancel the demand zone at $0.038 – $0.230. Such a move would form a lower low and annul the bullish narrative. That can see Zilliqa crashing to fill the Fair Value Gap at $0.097 – $0.050.
For now, ZIL traders can expect a 60% upward move for the altcoin. The alt readies for the upcoming surge as it steadies at the $0.097 – $0.120 demand area. The upward action would take Zilliqa’s price to $0.18.
However, ZIL can depend on the overall market outlook for its upcoming moves. Marketplace weakness can see Zilliqa on downtrends. A daily candle close beneath $0.097 will cancel the bullish case. Thus, enthusiasts need to watch BTC’s actions for money-making undertakings.
James Thompson