Bitcoin btc
$ usd
Technical Analysis

Zilliqa (ZIL) Falls to New Monthly Low of $0.095

2 mins
Updated by Ryan James

In Brief

  • The price has lead to a low of $0.095 on April 15. 
  • It has broken down below the $0.11 support area.
  • ZIL is in wave C of an A-B-C corrective structure.
  • promo

Zilliqa (ZIL) has been decreasing since April 1 and broke down from the $0.11 area on April 25. It is possibly in the final leg of a corrective structure.

On March 26, ZIL initiated an explosive upward movement, which caused an increase of 377% in a span of only six days. The movement transpired with considerable volume (green icon). This led to a high of $0.23 on April 1. 

However, the price has been falling since, leading to a low of $0.095 on April 15. 

More importantly, ZIL has fallen below the $0.11 horizontal area, which was expected to provide support. Besides being a horizontal support area, the $0.11 area was also the 0.618 Fib retracement support level. Therefore, the fact that the price has fallen below it is a very bearish development. 

The area is now expected to act as resistance.

Ongoing decrease

Technical indicators in the daily time frame are bearish, supporting the continuation of the downward movement. This is visible in both the RSI and MACD. 

In the case of the RSI, which has been falling since April 1, it has just broken down below the 50 line. This is considered a sign of a bearish trend. 

The MACD made a bearish cross on April 4 (red icon) and has nearly moved into negative territory. Similarly to an RSI decrease below 50, this is also considered a sign of a bearish trend.

ZIL wave count analysis

Cryptocurrency trader @PrinceofElliott tweeted a chart of ZIL, stating that the price could fall all the way down to $0.05 after the current bounce is complete.

Since the tweet, ZIL has completed its bounce, which is outlined by the B wave (black) in the image below. Therefore, it is likely that the price is now in wave C.

If waves A:C has a 1:0.618 ratio, which is common in such structures, ZIL would fall all the way down to a low of $0.055 in order to complete its correction. 

Afterward, an upward movement could follow.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.