- The Zilliqa price is losing momentum as it rejects again at the $ 0.1122 level.
- A pullback to $ 0.1018 or $ 0.0946 is likely to be followed by an increase.
- If ZIL falls by $ 0.0873, the bullish narrative will suffer, leading to a potential sell-off of 20%.
The Zilliqa price intended to rally after a rejection halfway through the range it crosses. However, the weakness in Bitcoin’s price seems to have kept it from rising. As ZIL retreats, it will try to find a stable level of support that will soften the fall and become a foothold for future campaigns.
Zilliqa Price Adjusts For Largest Cryptocurrency Market
Zilliqa price crosses the range from $ 0.0693 to $ 0.1551. Although the ZIL remains above the 50% Fibonacci retracement level of $ 0.1122, it has shown weakness lately.
On June 9, the price of Zilliqa overcame the specified barrier, but did not stay there, which led to a 21% sell-off. The June 15 assassination attempt is expected to suffer a similar fate, as the price of ZIL has already dropped by about 8.7% and well below $ 0.1122.
Further sell-off could retest 62% and 70.5% Fibonacci retracements at $ 0.1018 and $ 0.0946, respectively.
The two support stages mentioned above can serve as a platform for the start of a new uptrend. Such a move could push the Zilliqa price above the 50% Fibonacci retracement level at $ 0.1122 and mark a resistance level at $ 0.1171. If this barrier is breached, a retest at $ 0.1292 may be required.
If buyers continue to insist on this, ZIL is likely to reach the upper range at $ 0.1551.
ZIL / USDT 6-hour chart
However, a fall below the 79% Fibonacci retracement level to $ 0.0873 would disprove the bullish thesis. In such a case, there is a good chance that the Zilliqa price will return to the lower end of the range at $ 0.0693 after a 20% sell-off.