As warned in our last Zilliqa price prediction, it failed to reclaim the $0.045 level. Consequently, many bottom buyers took the profits, tanking the Zilliqa coin price to its $0.035 support. The $0.034-$0.041 zone is very critical, as it has previously acted as a nice accumulation range. Another reason behind the price reversal was the rejection of BTC price from the $25k level.
Crypto markets tumbled on the weekend as Bitcoin and Ethereum failed to reclaim key levels. As a result, the selling pressure significantly increased in the market. The prevailing risk-off approach in the market has broken the bullish market structure on most altcoins charts.
However, Zilliqa price is still maintaining a bullish outlook after sweeping the range lows around the $0.035 level. If Bitcoin price remains stable, the price is expected to break above the $0.04 level soon. At the time of writing, ZIL crypto is trading at $0.0398. During Thursday’s trading session, the price rose by 3%.
According to Zilliqa news, the project has announced its first game named WEB3WAR. This is a massive milestone for the project as the game would entirely be built in-house. The announcement was made during Gamescom 2022. You can buy Zilliqa by signing up on the top crypto exchange Binance.
Technical analysis of the ZIL USD chart depicts a retest of the range lows at the $0.035 level. The price needs to break above $0.04 very soon in order to avoid a bearish outlook. It is also worth mentioning that the price has successfully retested the downwards trendline as well. Nevertheless, the bulls need to throw some more weight behind the ongoing bounce to target range highs once again.
On the higher timeframe, Zilliqa price prediction is still bearish as the coin has yet to mark a higher high on the daily chart. In the short term, the price might retest the fair value gap of around $0.044. However, the price must reclaim the $0.05 level for a good show of strength.
This post was last modified on Aug 25, 2022, 22:24 BST 22:24