Zilliqa Price Prediction: What Price Action is Showing

Summary:

Zilliqa's price has struggled in the month of April, losing over 50 per cent of its price. Today's session also looks bearish.

Zilliqa’s price has struggled in April, losing over 50 per cent of its price. Today’s trading session is also looking poised to continue with the long-term bearish trend. However, despite the prices not moving by much, this is only losing less than a percentage point in the market.

However, to understand the current price action of Zilliqa, we have to look at the past few weeks. Beginning on March 26, 2022, Zilliqa’s price rose by over 370 per cent within six days. The rise also set a new high that had not been broken since May 2021. After that, however, the rise in prices would start coming down after failing to set new highs.

In the day’s following the 375 per cent increase, the Zilliqa started a new bearish move that had both volatility and momentum. The push to the downside saw the cryptocurrency losing more than 50 per cent of its value from April 1 to today. The move also brings us to the current trading session, where the prices are also showing a downward possibility.

Zilliqa Price Prediction

The daily chart below shows the prices rising by 375 per cent and hitting the $0.2291 resistance level. The resistance level is again retested a number of times. However, there is not enough momentum, and a bearish move begins on April 5. Since then, the prices have traded aggressively to the downside. The chart also shows today’s prices losing only less than a percentage. The chart also shows signs of the cryptocurrency continuing with the current bearish move.

Therefore, my Zilliqa price prediction expects a drop in the price in the coming days. Although there is a slight possibility of today’s trading session closing with a gain, the general market trend of Zilliqa is on the downside.

I also expect the price of Zilliqa to trade below $0.1 in the coming days. The cryptocurrency broke this psychological level during its most recent rally. However, if the next two trading sessions record an increase in the market, my trade analysis is invalidated. It will increase a bullish move possibility.