ZIL was down by as much as 10% to start the week, as prices continued to fall following recent highs. LINK was also predominantly red on Monday, as it marginally fell below the long-term support level, hitting a one-month low in the process.
ZIL was one of the biggest crypto movers on Monday, as prices dropped by as much as 10% to start the week.
After trading at a high of $0.1154 on Easter Sunday, ZIL/USD raced to an intraday bottom of $0.1015 during Monday’s session.
Today’s drop sees ZIL fall for the fourth consecutive session, pushing prices below its recent support level in the process.
This floor of $0.1030 gave way for the first time this month, with prices falling to their lowest level since late March.
In addition to this, the 14-day RSI also saw its own floor broken, as price strength continued to track in oversold territory.
Following a high of $0.2300 to start the month, ZIL has seen consistent falls in price, which now means prices are over 50% lower so far in April.
Similar to ZIL, LINK has fallen for much of April thus far, as prices moved away from multi-month highs.
As of writing, LINK/USD slipped to a bottom of $13.21, following 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.
As a result of today’s drop, prices have fallen to their lowest point since March 15, which could be good news for bulls looking to buy the dip.
Looking at the chart, history shows that bulls typically re-enter the market at this level. However, with the moving averages still showing signs of further bearish pressure, some traders could be hesitant to take a position.
Overall, prices are oversold, with the 14-day RSI tracking at 37.57, which is near its weakest since early March.
Could history repeat itself, with bulls lifting LINK prices this week? Let us know your thoughts in the comments.