- Zilliqa saw its price tagging the daily breaker at $0.097 – $0.121, indicating a potential 20% drop.
- Rejection can see the alternative token dropping towards $0.074 and 0.0508 in dreadful scenarios.
- A daily candlestick closing beyond $0.121 will cancel the bearish case.
Zilliqa price displayed a bullish strength that saw it on a massive incline within the previous day. Nevertheless, the uptrend thrust will likely fade as the token nears an obstacle that can welcome downward price movements.
Surprisingly, these cases emerged after Zilliqa signed multiple partnership deals in April, including Binance, BitPanda, and BitGet listing, plus joining BGA (Blockchain Gaming Alliance). Moreover, Zilliqa collaborated with Atomic Wallet to ensure ZRC-6 compatibility for users to access NFTs services on their wallets.
ZIL Price on a Challenging Spot
Zilliqa price printed a bearish break following its 400% upsurge between late March and early sessions in April. The technical pattern emerges after the token flips a demand region between two higher peaks into a resistance zone.
Such a move occurred on 26 April, when Zilliqa dropped 10% of its price. This development formed a daily candle closing under the demand area at $0.097 – $0.121, overturning the zone into its bearish breaker. Since ZIL has multiple underwater investors around this range, retesting it will likely lead to a colossal crash as investors attempt to break even.
ZIL Price tagged this breaker on 5 April (today) and currently faces rejection at the territory, suggesting a potential 20% drop towards the $0.0746 value area. Intensified bearishness might drag the alt to the lows of $0.0508, translating to a 45% crash.
Since the bearish formation comes after APE surged 38%, the anticipated drop might catch most investors off-guard and likely liquidated or trapped.
On the other past, increasing buying pressure would push ZIL to form a daily candle closing beyond $0.121. Such a move will ruin the bearish breaker plus the retracement thesis. That can witness ZIL surging 10% towards the nearest hurdle near $0.133.