ZIL was down 10% early in the week as prices continued to fall after recent highs. LINK was also mostly in the red on Monday as it fell slightly below long-term support while hitting a one-month low.
ZIL was one of the biggest cryptocurrencies on Monday as prices fell 10% earlier in the week.
After trading at a high of $0.1154 on Easter Sunday, ZIL/USD hit an intraday bottom of $0.1015 during Monday’s session.
In today’s decline, ZIL fell for the fourth consecutive session, dropping below its recent support level.
This $0.1030 mark gave way for the first time this month and prices fell to their lowest level since late March.
In addition, the 14-day RSI also broke its own level as price continued to remain in oversold territory.
After hitting a high of $0.2300 earlier this month, the ZIL price has been falling consistently, meaning that the price is down more than 50% in April.
Chain link (LINK)
Like ZIL, LINK fell for most of April as prices moved away from multi-month highs.
At the time of writing, LINK/USD is down to $13.21 after hitting a high of $14.52 during yesterday’s session.
As a result of this move, LINK is trading about 8% lower to start the week, leading to a breakout of the $13.50 price bottom.
As a result of today’s drop, prices fell to their lowest point since March 15, which may be good news for bulls looking to buy the drawdown.
Looking at the chart, history shows that bulls usually return to the market at this level. However, since the moving averages are still showing signs of further bearish pressure, some traders may be hesitant to take a position.
Overall, prices are oversold, with the 14-day RSI at 37.57, the weakest value since early March.
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