Zilliqa ZIL price has shown minor resistance to the sell-off, which has led to a steady downtrend. Now ZIL price needs to recover above a crucial barrier to have any chance of heading higher.
Zilliqa crashed 30% from a price of $0.097 to $.069 between June 20 and July 16 to tag the range low at $0.069 multiple times. Although ZIL's price slipped below this barrier, the recoveries have held the altcoin above it.
Therefore, investors need to note that a swift reclaim of $0.069 level will indicate the presence of buyers and open up the possibility of a 25% upswing to $0.0853.
If the bullish momentum continues to increase after this climb, Zilliqa's price will take a jab at $0.096, a 38% rally. In some cases, the ZIL price might sweep above this level to collect liquidity, which could be the sign of an incoming retracement before another leg higher.
If bullish, Zilliqa's price will make a run toward the 50% Fibonacci retracement at $0.108.
Regardless of the optimism and hope, a failure to climb past the range low at a price of $0.069 will reveal bears’ plans to push ZIL lower. The immediate support level at a price of $.060 is the last line of defense.
While a bounce from this barrier might kick-start an impulsive wave, a breakdown will invalidate the bullish thesis. If the selling pressure continues to rise after this development, Zilliqa's price might tag $0.050.
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