Main navigation

Zilliqa (ZIL) Spikes by 15% Despite Most Recent 50% Reversal

Thu, 04/14/2022 - 12:58
article image
Arman Shirinyan
Zilliqa is still trading despite major reversal that hit coin
Zilliqa (ZIL) Spikes by 15% Despite Most Recent 50% Reversal
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Zilliqa Chart
Source: TradingView

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.

Cardano's Big Update Lands in June, IOHK Shares Two Things to Expect: Details

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.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.