- Zilliqa price shows a resurgence of buyers around the $0.097 to $0.121 demand zone.
- Investors can expect a bounce to retest the $0.179 and $0.222 resistance barriers.
- A daily candlestick close below $0.097 will invalidate the bullish thesis for ZIL.
Zilliqa price shows an interesting outlook after its recent sharp decline. This move south comes after the altcoin more than quadrupled in less than a month. Interestingly, there is a stable support area that could cauterize the bleed and allow bulls to take control.
Zilliqa price shows return in investors’ interest
Zilliqa price rallied a whopping 503% in less than 17 days, starting on March 15. This sudden and strong upward movement pushed the altcoin from $0.038 to $0.230. After this exponential run-up, the momentum for ZIL started to weaken due to investors booking profits and Bitcoin price retracing.
As a result, Zilliqa price crashed 46% and is currently hovering around $0.124, which is just above the $0.097 to $0.121 demand zone. A dip into this area will allow buyers to purchase ZIL at a discounted price and could be key in triggering another uptrend.
If the bullish momentum makes a comeback, investors can expect Zilliqa price to retest the $0.179 resistance after a 50% uptrend. However, ZIL needs to climb 84% to tag the subsequent hurdle at $0.222.
ZIL/USDT 1-day chart
While the outlook for Zilliqa price looks promising due to the presence of a stable support area, it could quickly go south if the big crypto decides to take a U-turn.
A daily candlestick close below $0.097 will invalidate the bullish thesis for Zilliqa price. Such a development will open the path for a steep correction to $0.057. However, the $0.080 and $0.057 support barriers might help in absorbing the incoming selling pressure.