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Zilliqa Price Prediction: Break and Retest formation underway

 


Zilliqa price went vertical on Wednesday as investors rushed to buy the coin's dip. The coin surged to a high of $0.08, well above this week's low of $0.066, which was also its lowest since March. Its market value has moved back to over a billion USD.

Zilliqa is a leading blockchain project known for inventing sharding technology. This is a technology that increases the throughput of a blockchain by breaking the blocks into smaller pieces known as shards. This makes processing transactions much faster. The technology has already been adopted by some of the largest blockchains such as Ethereum and Near Protocol.


Zilliqa has made great strides over the past few months as developers strive to become a leading player in the broader decentralized industry. For example, in April, the creator of the platform presented its vision for 2022 and beyond. In it, he explained how the network will soon be EVM-compatible. This means its apps will be compatible with those built into Ethereum.


Zilliqa will also start supporting Scilla and then improve ZilBridge features. Another important event was the launch of Metapolis, a leading Metaverse platform that aims to become the leading player in the industry. It uses a model called Metaverse-as-a-Service (MaaS) that offers an XR-powered layer of engagement to tokens and other organizations.


In addition, Zilliqa became a member of the Blockchain Game Alliance (BGA), which aims to transform the gaming industry.


Zilliqa price went vertical as investors bought the dip as the coin has fallen dramatically over the past few weeks. It also rose as demand for the coin increased, although on-chain data shows activity on the network slowed.


Zilliqa Price Prediction


ZIL token rallied strongly after bottoming around $0.065. On the four-hour chart, the coin managed to move slightly above the 25-day and 50-day exponential moving averages. At the same time, the MACD is approaching the neutral line.


The coin appears to be forming a break and repeat pattern. In it, I suspect it will move up and retest the resistance at $0.1010, which was the lowest level on April 18-13. When this happens, the coin resumes the downtrend.


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