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Zilliqa May 2022 Price Prediction: Will It Recover?

 


Zilliqa price plunged to its lowest level since March 26 this year as demand for the coin fell. The coin is trading at $0.676, which is about 70% off this year's high. As a result, the coin's market cap has dropped to around $972 million, making it the 91st largest cryptocurrency in the world.


The demand for Zilliqa has decreased

Zilliqa is a blockchain project that helps developers build decentralized applications. It is known for introducing sharding technology, which increases its speed by breaking blocks into smaller pieces known as shards.


Zilliqa is commonly used by developers who want to build fast, secure, and highly reliable decentralized applications. Some of the notable apps using its network include Atomic Wallet, Autofarm, and Carbon, among others.


However, unlike other popular platforms such as Solana and Ethereum, most of the applications are relatively small. In fact, according to DeFi Llama, the ecosystem has seen its total value (TVL) crash to just $20 million. In contrast, other popular platforms like Ethereum have a TVL of over $100 billion. However, statistics from Zilliqa put the TVL at $363 million, which is a significant number.


Zilliqa used to be a fallen angel when competition in his industry escalated. It saw its rank among the largest cryptocurrencies in the world. Its popularity plummeted and it disappeared from the top 100.


Zilliqa made headlines in March when it announced its entry into the Metaverse through a partnership with Metopolis. At that time, the coin's price surged to a high of $0.2300, pushing it into the top 50.


Recently, however, the hype surrounding the coin has died down while the number of activities has plummeted. For example, the number of smart contracts has fallen sharply after peaking in March. The number of new addresses in the network has also fallen.

The 4-hour chart shows that the ZIL price has been in a strong downtrend for the past few weeks. The decline accelerated after the pair breached the key support level at $0.1010, which was the lowest level on April 17th. It has also moved below the 25-day and 50-day moving averages, while the stochastic oscillator has fallen below the oversold level.

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