ZIL was down as much as 10% earlier in the week as prices continued to fall from recent highs. LINK was also mostly red on Monday as it dipped slightly below the long-term support level, hitting a one-month low in the process.

Zilliqa (ZIL)

ZIL was one of the biggest crypto movers on Monday as prices fell as much as 10% earlier in the week.

After trading at a high of $0.1154 on Easter Sunday, ZIL/USD hurtled to an intraday low of $0.1015 during Monday’s trading session.

Today’s decline takes ZIL down for the fourth consecutive day, pushing prices below its recent support level.

Biggest Changes: LINK is hovering near long-term support as ZIL loses 10% of its value
ZIL/USD – daily chart

That floor of $0.1030 gave way for the first time this month, with prices falling to their lowest levels since late March.

In addition, the 14-day RSI also saw its own bottom broken as price strength remained in the oversold territory.

After hitting a high of $0.2300 earlier in the month, ZIL has seen consistent price declines, which now means April prices are down over 50% so far.

chain link (LINK)

Similar to ZIL, LINK has been down for most of April so far as prices have moved away from multi-month highs.

As of this writing, LINK/USD slipped to a low of $13.21 after hitting a high of $14.52 during yesterday’s session.

This move sees LINK trading around 8% lower to start the week and has led to a breakout of the $13.50 price floor.

Biggest Changes: LINK is hovering near long-term support as ZIL loses 10% of its value
LINK/USD – daily chart

As a result of today’s decline, prices have fallen to their lowest levels since March 15, which could be good news for bulls looking to buy the decline.

Looking at the chart, history shows that bulls typically re-enter the market at this level. However, as the moving averages are still showing signs of further bearish pressure, some traders may be reluctant to take a position.

Overall, prices are oversold with the 14-day RSI coming in at 37.57, which is close to the weakest level since early March.

Could history repeat itself if bulls hike LINK prices this week? Let us know your thoughts in the comments.


Eliman Damell

Eliman brings a diversified perspective to market analysis, having worked as a broker director, retail educator, and market commentator in the crypto, equities, and forex sectors.

photo credit: Shutterstock, Pixabay, WikiCommons

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