Traders never tread on still waters, it’s the turbulence that always reaps the most benefits. Zilliqa entered 2023 with a massive uptrend until the massive hard fork update hit it with a snag. Following up on the hardfork news sellers actively participated in the market with hopes of price drops.
The recent turn of events has formed a massive double top in the price movement of zilliqa which could lead to a tremendous 40% price drop. After the first upward movement a short correction was observed which was countered by the evm Integration update. However the hardfork on 25th april wiped out the 10% gained during that time.
At the time of writing, ZIL token price trades at $0.02882 with an intraday loss of 0.45% against the USDT pair. On the 4-hour price chart, Zilliqa price action formed a double top formation at the 60-day high. However, ZIL is consolidating under a tight range near the key $0.0285 support. A break above the $0.0285 level could trigger a sharp decline in the coming weeks.
Below the $0.0285 level, the buyers could witness a decline toward the next support at $0.025. At that point, the hourly RSI remains sideways below the halfway line at the 40 level.
Breakdown may cause ZIL to Reach the Level of $0.016
On higher time frames such as the 3-days chart, speculators can take a step further on behalf of the big double top formation in the Zilliqa coin. ZIL eyes the $0.025 support level to dominate the crypto for the next month.
Notably, trading volume decreased 28% at $28.6 million in the last 24 hours. Bears are silently making their short positions this week.
On the weekly price scale, the bulls are barely attempting to manage ZIL at the 20 simple moving average (in black), which appears to be a strong support level. Beneath this vital support, ZIL price could decline 40% from the current price level.
As of now, the weekly RSI is temporarily retreating from the 50 level, sparking negative sentiment among Zilliqa investors.
Technical Levels:
- Support Level: $0.0285 and $0.0250
- Resistance Level: 0.030 and $0.36
Also read: Bitcoin Price Recovers to $30K Amid the Monthly Options Expiry
