ZIL dropped as much as 10% on Monday, after prices fell further following the recent highs. LINK, which was also predominantly red, fell just below its long term support level on Monday and reached a one-month high.
Zilliqa, ZIL
ZIL, which saw prices drop by up to 10% on Monday was the largest crypto mover.
After trading at a high of $0.1154 on Easter Sunday, ZIL/USD raced to an intraday bottom of $0.1015 during Monday’s session.
Today’s drop sees ZIL fall for the fourth consecutive session, pushing prices below its recent support level in the process.
The floor at $0.1030 was broken for the first month in a row, and prices fell to their lowest point since March.
This is not all. The 14-day RSI had its own floor break as well, and price strength continued in excess.
ZIL’s price has fallen consistently since January, after a peak of $0.2300 at the start of the month. Prices are now over half off in April.
Chainlink (LINK).
Similar to ZIL but with lower prices, LINK fell for a lot of April so far.
As of writing, LINK/USD slipped to a bottom of $13.21, following a high of $14.52 during yesterday’s session.
This movement has seen LINK trading around 8% less to begin the week. It also led to a break of the $13.50 floor.
As a result of today’s drop, prices have fallen to their lowest point since March 15, which could be good news for bulls looking to buy the dip.
The chart shows us that historically, bulls re-enter markets at this level. However, traders may be wary of taking a position if the moving averages continue to show signs that further bearish pressure is still present.
In general, the prices are selling.
If bulls lift LINK prices this week, could history repeat itself? Please share your views with us in the comments.
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