Our Zilliqa price prediction has just flipped bearish as the price has formed a double top. After a brutal rejection from the $0.23 level in April, the price is dumping like there’s no tomorrow. In fact, ZIL price is 77% down in just the last 50 days. Last week’s crash of Bitcoin price has further intensified the downtrend. The ongoing slump in Bitcoin price has sent most altcoins into a downward spiral.
At the time of writing, the Zilliqa coin is trading at $0.052, which is 79.4% below its May 2021 ATH of 0.255. Many analysts believe that the ongoing downtrend in crypto markets might continue for another few months. ZIL price dropped to $0.0399 during last week’s bloodbath. This also shows the direct correlation between Zilliqa and Bitcoin prices.
According to Zilliqa news today, the project has announced the launch of Web3 Alliance. Its international advisory network will identify projects and facilitate investments into our ecosystem.
Zilliqa crypto aims to become a scalable and high throughput blockchain leveraging its sharding architecture. Nevertheless, its network adoption stats haven’t been that encouraging compared to other smart contract platforms. As per DeFi Llama, the platform TVL is 94% down since last year. The current TVL stands at $13.46 million. The same figure was around $240 million in May 2021.
The technical analysis of the ZIL USD price chart shows that the price is testing the support at $0.04. This region has previously acted as very strong support. However, due to the prevailing risk-off sentiment in the market, this support is likely to break soon. The only hope for the bulls might be a dramatic recovery in the overall market structure which seems unlikely in the current scenario.
All the bullish Zilliqa price prediction would be off the table as soon as the price breaks below $0.04 level. Therefore, the bulls need to step up and hold this level by all means. A breakdown might send Zilliqa price to $0.03 in the short-term and $0.015 in case of a prolonged bearish accumulation.
This post was last modified on May 20, 2022, 15:47 BST 15:47