- For the first time in a long time, ZIL’s price rises.
- As the price anticipates a potential breakout from the downtrend, ZIL attempts to break out of its bearish trend.
- Despite trading below the 50 and 200 Exponential Moving Averages (EMAs) on a lot of volume, the price of ZIL shows signs of bullishness with a 5% gain.
In the early part of the year, Zilliqa (ZIL)‘s price was one of the best because so many people talked a lot about its massive partnerships and metaverse project, “Metapolis.” At one point, the hype surrounding this crypto asset was matched by the Zilliqa price, which rose from a low of $0.03 to a high of $0.2 against tether (USDT). Despite the fact that the cryptocurrency market is facing a new problem, the price of Bitcoin (BTC) dropped from around $19,000 to $18,100. The Consumer Price Index (CPI) indicates an increase in inflation, which has a negative impact on the price of BTC and altcoins, but recovery from BTC altcoins like ZIL has shown some strength. (From Binance data)
Price Analysis of Zilliqa (ZIL) on the Weekly Chart
Even though the CPI news caused a sharp decline in the cryptocurrency market, the market appeared to have been manipulated, with Bitcoin (BTC) falling from $19,200 to $18,200 in a matter of hours. As the majority of altcoins began to show strength, the market quickly recovered, with ZIL attempting to recover from its $0.028 low.
After a prolonged period of decline, the value of Bitcoin Dominance (BTC.D) has recently increased. However, the duration of the current price rebound is unknown. When BTC retraces, the majority of altcoins will see their prices fall as BTC.D rises.
After the launch of Metapolis, ZIL’s price has struggled, entering a downtrend without any indication of recovery. ZIL’s price fell back to $0.029 at its lowest point; The price rose to a high of $0.04 from this region, but the weekly timeframe showed no indication of a recovery.
Weekly resistance for the price of ZIL – $0.04.
Weekly support for the price of ZIL – $0.027.
ZIL’s Price on a Daily (1D) Chart Analysis
The price of ZIL does not appear to be doing well on a daily basis because the price has repeatedly attempted to break out of the downtrend, which is being impeded by a downtrend line.
For the price to have a relief rally, it must break out of its downtrend with a lot of volume and retake the resistance at $0.035. A good project with a real use case is Zilliqa; The price has been affected by the state of the market at the moment, but this crypto asset has received less attention lately.
Daily resistance for the price of ZIL – $0.035-$0.04.
Daily support for the price of ZIL – $0.027.