Zilliqa's ZIL rests below the 200-day SMA and near the March 2020 price-rising trend line. The breakdown from a bear flag continuation pattern level focuses on the 23.6% Fibonacci retracement, the 50-week SMA, and the May low. A failure to hold the May low may unleash a considerable ZIL price decline.  

Zilliqa's price declined over 70% from the all-time high price of $0.262 to the May 23 low of $0.069. The remarkable drop followed multiple frustrating attempts to overcome the 2018 high price of $0.235, resulting in a double top that loudly triggered on May 19 with a drop below $0.115.

Zilliqa price chart discloses some encouraging support

Zilliqa ZIL price identified support at the 50-week SMA before rebounding back above the March 2020 rising trend line and the 23.6% retracement level at a price of $0.085 by the end of the week. 

Over the last two weeks, Zilliqa's price wedged higher, forming a bear flag pattern that triggered this week with a decline below $0.116. ZIL price has since recognized support near the 23.6% retracement but still hovers below the March 2020 price rising trend line currently at $0.100.

The bear flag continuation pattern’s measured move is roughly 65%, potentially pushing Zil's price down to $0.040. It would be a headline-worthy plunge, frustrating believers in the decentralized application-focused blockchain platform. At completion, ZIL price would be trading below the 38.2% retracement of the 2020-2021 advance at a price of $0.042 and just above the neckline of the 2018-2020 inverse head-and-shoulders pattern.

Without a weekly close below the March 2020 trend line level at $0.100, Zilliqa will be exposed to further oscillations around the 200-day SMA at a price of $0.120, preserving an erratic period for the ZIL market operators.

To void the bleak outlook presented by Zilliqa, ZIL price would need a 20%+ gain from the current position and a weekly close above the flag’s lower trend line at approximately $0.119.

The Zil price chart, like other altcoin charts, is illustrating a bearish outlook. However, with the precise, persuasive of support and resistance outlined above, Zilliqa investors are equipped to avoid the panic and financial devastation that would accompany a 65% decline.