December 10, 2023

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How Zilliqa price is due for a quick 50% run-up

  • Zilliqa price shows a bullish reaction as it retests the $0.097 to $0.121 demand zone.
  • Investors can expect ZIL to catalyze a 50% rally as buying pressure beings to surge.
  • A daily candlestick close below the $0.097 level will invalidate the bullish thesis.

Zilliqa price shows a resurgence of bullish momentum as it bounces off a crucial area of support. This downswing comes after a massive ascent and is currently bouncing off a key area where untapped buying pressure is present. Therefore, investors need to be prepared for another uptrend.

Zilliqa price at an inflection point 

Zilliqa price climbed the Y-axis from $0.038 to $0.230 by rallying a mind-blowing 503% in roughly two weeks, starting March 14. This impressive  upswing began experiencing a slowdown in its momentum on March 31 and faced immense profit-taking the following day, leading to a reversal. As a result, ZIL lost 50% of its value as it retraced lower.

Adding a headwind to the bullish outlook for ZIL was the flash crash in Bitcoin price. Regardless, ZIL crashed and retested the $0.097 to $0.121 demand zone. This area will serve as a major provider of buy-side liquidity or unfilled buy orders.

Hence, the chances of an upswing originating here will be higher. If the general outlook in the market also improves, this move could bootstrap the upswing and propel ZIL to retest the $0.179 hurdle, constituting a 50% ascent. 

ZIL.USDT 1-day chart

ZIL/USDT 1-day chart

While things are looking up ZIL, a daily candlestick close below the $0.097 level will invalidate the $0.038 to $0.230 demand zone and hence the bullish thesis. In such a case, Zilliqa price could slide lower and fill the $0.097 to $0.050 fair value gap.