Zilliqa (ZIL / BTC), the young newcomer among the Cryptos, reached almost exactly the points relevant to chart technology in the general correction phase, but has not yet been able to detach from there.

In the first part of the correction, Zilliqa headed for the 50.00 percent Fibonacci retracement. At that time, the EMA 200 was also located there. This combination of technical tools supported the market as expected. A small rebound allowed the share price to recover somewhat.

Unfortunately, however, not sustainable. The famous 61.8 percent Fibonacci retracement had no significance for the market this time, so that the share price directly followed its overriding upward trend.

There the price is slowly shimmying along the line and doesn't really know when to make the jump up. If the burst succeeds upwards, a resistance in the range 0.00001430 BTC is to be expected. The volume also does not yet confirm that a decisive turnaround is expected.

If this project fails and the price clearly falls unapologetic below its upward trend line, the last stop is the 78.6 percent Fibonacci retracement. The rebound should start there at the latest. Otherwise the picture of ZIL will become very cloudy and the correction will most likely continue.

This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!

Cheers Jessy