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.
![Zilliqa / TetherUS Price Analysis](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-103.png)
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
![Zilliqa / TetherUS Price Analysis](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-101.png)
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.
![Zilliqa / TetherUS Price Analysis](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-102.png)
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