The price is still trading within the same range as mentioned in our last Zilliqa price prediction. Since June 2022, most of the price action has occurred within the $0.034-$0.041 zone. This region has become a good accumulation zone. Another reason behind the price reversal was the negative price action of Bitcoin and Ethereum.
Crypto markets have been experiencing high volatility since the start of the week. The breakdown of Bitcoin price below $20k created panic among investors. Although the price is back above $20k, the markets still remain in a risk-off mode.
If the markets remain unstable, the Zilliqa price is expected to break and retest the June lows very soon. At the time of writing, ZIL crypto is trading at $0.036. During Wednesday’s trading session, the price rose by 1.39%.
According to Zilliqa news, the non-custodial staking service Rockx has enabled ZIL staking on the platform. The stakers would be able to earn an estimated yield of 13.16%. Rockx protocol already supports ETH, SOL and OSMO staking. You can buy Zilliqa by signing up on the top crypto exchange Binance.
Technical analysis of the ZIL USD chart depicts that the price has bounced off the $0.035 level. The price needs to break above $0.04 very soon in order to avoid a bearish outlook. A daily closure below the $0.034 level could be very bearish. The bulls need to throw some more weight behind the ongoing bounce to target range highs.
On the higher timeframe, Zilliqa price prediction is still bearish as the coin has yet to mark a higher high on the daily chart. The only way to avoid a bearish outlook is a reclaim of $0.05 level. However, considering the current state of the market, that won’t be easy. Such a move is only possible if BTC breaks above the $25k level.
This post was last modified on Aug 31, 2022, 09:48 BST 09:48