- Zilliqa shows buying momentum resurgence as the alt gains 14% over the past 12 hours,
- The upward action emerged after ZIL dropped towards the demand zone of $0.097 – $0.121.
- A daily candle close under $0.097 will cancel Zilliqa’s bullish thesis.
ZIL price action is back in bullish control as the alternative token relaunches its upside rally. The move comes as Zilliqa saw continued drops since 28 March. Though fear lingered in the market, investors could expect ZIL to extend the upsurges because of two technical signs.
ZIL Price Offers a Buy Signal
Zilliqa saw its price losing 56% since 28 March. Such developments had the token’s market value dropping towards $0.101 from the $0.237 all-time high. However, the downward phase came as market players indulged in profit-taking following the staggering 540% rally.
The daily demand region that stretched between $0.097 and $0.121 plus the 200 4hr MA confluence provided the backstop. Moreover, ZIL price formed a lower low on 12 April and 18 April, as the Relat8ve Strength index formed a higher low, revealing a bullish divergence.
These factors remained crucial in supporting a bulls’ control. That had Zilliqa surging 14% over the past 12 hours, and the alt seems prepared for more upticks. For now, market players can expect a 30% uptick, pushing towards the hurdle around the $0.146 value area.
The alternative token will likely form a local top here, but conquering this barrier may propel ZIL to hit $0.161, translating to a 44% upsurge.
While things seem lucrative for ZIL price, a 24hr candle close beneath $0.097 will cancel the bullish narrative by forming a lower low. That can see Zilliqa crashing 40% to explore the $0.059 level. Meanwhile, sidelined buyers may join and buy the crypto at lucrative discounts, catalyzing new highs.
For now, ZIL price reflects buying pressure resurgence as the alt surged 14% over the previous 12 hours. The upward comes after Zilliqa crashed towards the demand territory at $0.097 – $0.121. The token seems ready for further surges, eyeing a 30% upward move. Nevertheless, a daily candle close under $0.097 will annul ZIL’s bullish thesis.
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