One of the biggest surprises for the cryptocurrency market in March was that Zilliqa once again showed strength on the market with a 15% price spike, even after a destructive 50% reversal. Traders are now speculating whether the asset can reach the ATH once again, according to the coin's page on CoinMarketCap.
As the chart by TradingView suggests, ZIL has reached the local bottom of $0.1, which acted as a support since the coin merged around the same price back in March, prior to the massive 126% pump.
Now ZIL is breaking through the local resistance line placed at $0.12. As for trading volume, Zilliqa has failed to keep the same trading volume after the massive pump on the market. The 24-hour trading volume now stays at 1.1 billion despite reaching 7.6 billion back at the top.
Is there a chance for another rally?
In a similar way to assets like Shiba Inu, Zilliqa's run is purely speculative, with no fundamental reasons behind it, which is why it is hard to determine if the token has any continuation potential.
In addition to the lack of fundamental data to analyze, there are no technical details on the chart as Zilliqa was moving in the rangebound for the last six months. But despite the massive run, it is not the highest price for ZIL that the market saw in the history of the coin. Back in May, ZIL was trading at $0.25, exceeding the most recent high by $0.03.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev