Zilliqa’s price surged by 6.5 per cent yesterday following the news that it was looking to accelerate its gaming ecosystem. However, in today’s trading session, Zilliqa looks to have resumed its long-term bearish trend, with prices dropping by more than 2 per cent.
According to reports this week, Zilliqa was mentioned to have entered into a partnership with Swissborg gaming arm Xborg, a leading eSports 3.0 and Web3 gaming platform. The partnership is expected to advance the expansion of Zilliqa’s advanced gaming ecosystem.
It is also meant to increase onboarding on their platform by providing a Web3 wallet and gaming hub. Based on the available details, the entrance of Zilliqa into Web3 gaming is likely to see the platform pushing to new markets and gaining traction with game users.
In fact, the head of gaming technology at Zilliqa indicated the partnership would see non-crypto natives start to earn money while playing fun games, an indication that Zilliqa would be expanding its crypto-community to include non-crypto gamers.
Despite yesterday’s price surge, today’s session is a clear indication that Zilliqa is still in a strong and aggressive push to the downside, which has seen it drop by 10 per cent in September. The drop was also a sign of what to expect in the markets for the next few trading sessions.
Therefore, my Zilliqa price prediction expects it to return to hit the $0.030 support level. There is a high likelihood that, upon hitting the support level, Zilliqa will break out and trade below it. In that case, I expect the prices to fall as far back as trading below the $0.0280 price level.
The current bearish cryptocurrency industry, to which Zilliqa is significantly correlated, also adds to my view that prices will continue falling. My bearish analysis will only be invalidated by prices trading above the $0.035 resistance level. At that point, it will be clear that we are in a price reversal.
This post was last modified on Sep 23, 2022, 15:05 BST 15:05