Zilliqa's price has stalled at the May declining trend line level after setting the framework for a double bottom on the daily chart. Volume has not been cooperative during the price rebound, suggesting that a pullback is necessary to refresh ZIL price after the 100% bounce from the May 23 low.

Zilliqa's price declined over 70% from the all-time high at a price of $0.262 to the May 23 low at $0.069. The decline followed several failed attempts to overcome the 2018 high at a price of $0.235, resulting in a double top pattern that triggered on May 19 with a fall below $0.115.

Zilliqa price boasts clear points of support for any future weakness

ZIL briefly identified support level at the 40-week SMA, the March 2020 rising trend line, and the 23.6% Fibonacci extension level of the advance beginning in March 2020 at a price of $0.085, before finally bottoming at $0.069.

Moving forward, the ZIL price range defined by the May declining trend line, currently at $0.140, and the 200-day SMA at a price of $0.113 should contain Zilliqa over the next few days and provide the base for higher prices.

A successful Zilliqa ZIL breakout above May’s declining trend line and the 61.8% retracement level of the May correction at $0.155 would trigger the double bottom pattern level and set Zilliqa on the path to test the declining 50-day SMA at price $0.183 and then the 78.6% retracement level at $0.194.

As was the case in April and early May, the 2018 high at the price of $0.235 will interrupt the rally. A daily close above the all-time high at price $0.262, representing a 120% gain from the price at the time of writing, would confirm the resistance level has been solved, and Zilliqa can begin a sustainable advance into new highs.

An acceleration of ZIL selling pressure below the 200-day SMA would instigate a test of the March 2020 rising trend line level at $0.094. A failure to hold the trend line would push ZIL's price to the 23.6% retracement at $0.085. 

Any further weakness would signify that Zilliqa's price is entering a new phase for the correction that could push ZIL price to test the 38.2% retracement of the advance beginning in March 2020 at $0.042.

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