- Zilliqa price stabilizes around the $0.097 to $0.120 demand zone, in preparation for the next leg-up.
- Investors can expect consolidation around the support area to result in a 60% ascent to $0.18.
- A daily candlestick close below the $0.097 level will invalidate the bullish thesis.
Zilliqa price shows an interesting setup that could generate massive gains for investors. As ZIL bounces off the stable demand zone, another leg-up is likely to originate.
Zilliqa price gives upswing another go
Zilliqa price grew by 503% in roughly two weeks and scaled from $0.038 to set a peak at $0.230. This massive rally began on March 14 but start facing headwinds on March 31 as a result of profit-taking. As a result, the bears took control, leading to a 55% retracement to where it currently trades – $0.113.
A major reason for this capitulation for Zilliqa price was the flash crash in Bitcoin price by late March. The multiplied sell-side pressure has caused ZIL to tag the $0.097 to $0.121 demand zone. As the coiling up continues in this area, sidelined buyers who missed the initial run-up are likely to step. Therefore, a resurgence of buying pressure will is likely to trigger another rally.
The $0.179 is the only hurdle that is noteworthy and will be obtained after a 60% ascent from the current position.
ZIL/USDT 1-day chart
Although, things are looking sketchy for altcoins due to the uncertain nature of Bitcoin price, a daily candlestick close below the $0.097 level will invalidate the $0.038 to $0.230 demand zone. This move would also create a lower low and invalidate the bullish thesis. In this situation, Zilliqa price is likely to crash lower and fill the $0.097 to $0.050 fair value gap.