Zilliqa Price Prediction: ZIL is Ripe for a Bullish Breakout
- Zilliqa price has been in a strong bullish comeback in the past few days.
- It has formed an ascending triangle pattern on the four-hour chart.
Zilliqa price has made a strong recovery in the past few weeks as part of the ongoing recovery of the crypto industry. The ZIL token rose to a high of $0.0495, which was the highest point since June of this year. It has risen by over 62% from its lowest level this year, bringing its total market cap to over $637 million.
Why is ZIL rebounding?
Zilliqa is a blockchain pioneer that introduced a concept that has been embraced by many projects like Ethereum, Near Protocol, and Elrond. The technology, known as sharding, increases the throughput of blockchains by breaking down blocks into smaller pieces known as shards.
Zilliqa has been used to build many decentralized applications in all industries like gaming, non-fungible tokens (NFT), and decentralized finance (DeFi) among others. Some of the top applications created in Zilliqa are Carbon, DragonZIL, Human Protocol, Mintable, and PolyNetwork among others. It has also been used to build several small stablecoins.
Learn more about how to buy Zilliqa.
Zilliqa price has recovered in the past few weeks because of the overall strong comeback of the crypto industry. Bitcoin has jumped to over $24,000 while ETH and BNB have risen to $1,900 and $325. The total market cap of all cryptocurrencies has jumped above $1.2 trillion in the past few days.
At the same time, on-chain data shows that activity in the Zilliqa ecosystem has made some improvements. The number of transactions per day is averaging over 25,000 while the number of active addresses has risen to over 4.197 million. Further, Zilliqa has transacted more than 40 million transactions while the number of nodes are over 2,350.
Zilliqa price prediction
The four-hour chart shows that the ZIL price has been in a strong bullish trend in the past few weeks. It remains above the ascending trendline that is shown in green. The coin has moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.
A closer look shows that it has formed what looks like an ascending triangle pattern. Therefore, there is a likelihood that the coin will soon have a bullish breakout. If this happens, the next key level to watch will be at $0.0550. A drop below the support at $0.045 will invalidate the bullish view.