Zilliqa technical price chart displays multiple higher rejection candlesticks around the resistance barrier at $0.211. The constant upside rejection might catalyze bearish reversals and drop the alternative token towards the $0.136 level. Should you hold ZIL during this correction?
- Zilliqa price chart displays multiple high-tail rejection candlesticks at the $0.221 resistance.
- ZIL might see its price falling to the 0.5 FIB retracement level.
- Zilliqa’s intraday trading volume of $3.4 billion reflects a 32% drop.
The sudden price surge in ZIL/USDT followed the ZIL metaverse, Metapolis launch, and latest partnerships with different companies. That saw Zilliqa surging 371% within six days. The alt attained the $0.231 high on April 1, exploring its highest level within the past eleven months.
Nevertheless, the alt chart shows a long rejection candlestick at the resistance of $0.231, showing sellers’ determination to restrict further surges from this level. The failed trials from buyers indicated exhaustion, and a brief retracement is necessary to replenish ZIL’s bullish momentum.
According to the FIB retracement areas, enthusiasts can expect the fall to secure support at 0.326 Fibo ($0.157) or 0.5 FIB ($0.136).
The Relative Strength Index (RSI) sloped climbed into the overbought regions, suggesting an overvaluation of ZIL price. That added to the potential of a brief correction to stabilize buyers’ aggressiveness.
Meanwhile, the perpendicular surge pushed the ZIL price beyond the EMA (20-50-100-200). Nevertheless, the altcoin price has to maintain a reasonable distance from the MA to keep a healthy bullish move, which also gestures to a possible pullback.
Resistance zones – $0.221, then $0.256.
Support zones – $0.157, then $0.136.
For now, ZIL contemplates a 25% downward move following several higher rejections around the resistance of $0.211. The altcoin price might dip towards the 0.5 FIB retracement at $0.136. The downside narrative emerged as bulls faced exhaustion following the 371% gain within six days.
Meanwhile, analysts remain bullish on ZIL, predicting upsurges after the brief fall. The downturn seems lucrative since it will allow bulls to recuperate for the next leg-up. Moreover, the Metapolis launch reignited investors’ interest in the token.
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