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Zilliqa (ZIL) Price Analysis for April 1

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Fri, 1/04/2022 - 11:22
Zilliqa (ZIL) Price Analysis for April 1
Cover image via www.tradingview.com

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April has begun with a slight correction of the cryptocurrency market as most of the coins are trading in the red zone.

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ZIL/USD

Zilliqa (ZIL) has started the new month with a continued rise, going up by 14% since yesterday.

ZIL/USD chart by Trading View
ZIL/USD chart by Trading View

ZIL has formed a new level at $0.2307. From the local point of view, the altcoin may test the support at $0.20172 by the end of the day. However, as the selling volume increases, there is a chance to see the breakout and further drop to the zone around $0.18 soon.

ZIL/USD chart by Trading View
ZIL/USD chart by Trading View

From the mid-term point of view, Zilliqa (ZIL) could not fix above yesterday's peak yet. If nothing changes by the end of the day, the decline may continue to yesterday's low at $0.17263.

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In addition, the buying trading volume has decreased, which confirms buyers' weakness.

ZIL/USD chart by Trading View
ZIL/USD chart by Trading View

On the weekly time frame, ZIL has broken the resistance at $0.15482; however, it could not set a new peak. If bulls cannot do it by the end of the week, the altcoin may retest the purple line that serves the support now. Such a scenario applies to the mid-term and can occur by the end of the month.

ZIL is trading at $0.20587 at press time.

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