Here's why Zilliqa (ZIL) faces a potential nosedive of 45%

After hitting an all-time high in early April, Zilliqa (ZIL) has fallen sharply as investors continue to benefit from its meteoric rise. However, the coin is still subject to further downside. More on that later in this post. But first you will find the most important findings here.

ZIL has slipped below its crucial demand range of $0.097 to $0.121.

The coin is now firmly in a bearish trend with very little upside momentum.

Failure to regain the demand margin mentioned above will result in a 45% drop.

Zilliqa (ZIL) – The downside risk to consider

March was the best month for Zilliqa. The coin has gained over 500%, outperforming all other major coins on the market by a multiple. In fact, on April 1st, ZIL hit its all-time high. The coin was trading at around $0.230 at the time.

After such a meteoric rise, however, an epic correction was inevitable. As investors started cashing out their winnings, the coin fell sharply. At the moment, ZIL has lost almost 150% against its ATH. Crucially, the coin slipped below a key demand zone between $0.097 and $0.121.

This is a sign of great weakness and indeed, ZIL is now considered bearish. If the coin fails to regain this demand zone, the price will continue to weaken. In fact, ZIL could plummet another 50% before finding renewed demand.

Is Zilliqa's bull run over?

Yes, at the moment the bull run that ZIL experienced in March and early April is over. We do not expect the coin to retest its ATH anytime soon.

Instead, ZIL will remain bearish for the next few weeks. The coin could bottom at $0.05, around where it was before the March bull run. The correction that we all expected will now be complete.

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