Zilliqa broke the horizontal support and it now trends at the lowest levels in the last three months. The coin is creating the series of lower highs and lower lows which confirms the downtrend. After it pushed through the horizontal support, the coin came close to touching the 127.2% Fibonacci extension and 78.6% Fibonacci support and it is now reacting from that level and coming back to re-test the previous support, now resistance. We may either move above it, which is unlikely given the sentiment of overall bearishness surrounding the coin. If that is the case then watch out for the move to the confluence of 100 and 200 MA on 4H charts as well as the falling trend line.
The more likely scenario points out to rotation back lower and ultimate test of the 161.8% Fibonacci support. We prefer this scenario as the majority of indicators point towards that direction.
The more likely scenario points out to rotation back lower and ultimate test of the 161.8% Fibonacci support. We prefer this scenario as the majority of indicators point towards that direction.