After LUNC, Zilliqa Also Gains 10% A Day, Escapes Consolidation
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Zilliqa price gained 10% in intraday and currently trades at $0.018. -
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Zilliqa price (ZIL) witnessed a breakout from the consolidation of over 30 days. -
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The Zilliqa group is launching its Mataverse arm with a brand new name “Metaminds”.
Zilliqa crypto price witnessed a breakout and gained almost 10% in the first half of the intraday session on Friday. The Zil crypto has shown a breakout of a 35-day consolidation. The breakout is supported by a 50% rise in the volume to $38.8 Million.
One of the several factors behind the price surge might be that Zilliqa Group announced a major change in its metaverse venture on Tuesday. Previously known as Metapolis, the venture will now be called MetaMinds. This is part of a larger restructuring plan by the group to transform the metaverse industry.
Zilliqa Group is reaffirming its dedication to providing high-quality Web3 and blockchain-based products and services. Zilliqa currently trades at $0.018 and holds a market cap of $284.82 Million.
The price prediction of the ZIL token demonstrates that the price seems to respect a channel pattern over the daily chart. Recently, the ZIL price showed accumulation of over 30 days which resulted in a breakout.
Zilliqa Price Took Support From Lower Boundary of Parallel Channel
The ZIL price shows a gain of over 10% breaking above the 50-day EMA. The short-trend has shifted to the bulls side and the price might gain more in the recent sessions. The breakout is supported by a 50% hike in volume; making it a genuine breakout. The volume-to-market cap ratio is 13.64% indicating high volatility in the market.
Technical Indicators Show Bullishness Over the Charts
MACD lines are showing a bullish crossover. The histogram bars are also being formed above the mean line of increasing height indicating the bullishness in the crypto.
The EMA analysis shows that the ZIL price showed a breakout of the 50-day EMA indicating the short-term bullishness in the crypto.
At the time of publishing, the RSI value of the ZIL token is 63.40 and that of the SMA line is 44.75. RSI shows that the bulls are dominating and may gain more in the upcoming sessions.
Conclusion
Zilliqa, a Web3 and blockchain platform, observed its crypto price rise by 10% on Friday, breaking out of a 35-day consolidation. The price increase was supported by a high volume and positive news about its metaverse venture, which was rebranded from Metapolis to MetaMinds. The ZIL token is trading at $0.018 and has a market cap of $284.82 Million. The price is following a channel pattern on the daily chart and has crossed the 50-day EMA, indicating a bullish short-term trend.
Technical Levels
- Support levels: $0.015 and $0.014.
- Resistance levels: $0.020 and $0.022.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
