The Zilliqa price bounced back on Monday as investors wait for the new website. The ZIL token has risen by more than 12% and is currently trading at $0.093. This price is about 83% above the lowest level in July. It is also about 63% below the highest level this year. Zilliqa has a market cap of $1.2 billion while its ranking has slowly dropped to 118.
Zilliqa is a blockchain project that is known for its sharding approach. Sharding is a process that seeks to speed processing power by dividing blocks into pieces. This is a technology that has been adopted by other well-known platforms like Elrond and Near Protocol.
While Zilliqa is a pioneer, its star has been fading in the past few months. For one, its ranking among cryptocurrencies has dropped from top-40 to the current 118. This retreat is mostly because many developers have adopted relatively faster proof-of-stake smart contract platforms like Avalanche and Solana.
Indeed, a quick look at the Zilliqa ecosystem shows that its biggest platform is XSGD, which is a stablecoin valued at more than $146 million. It is followed by XCAD Network that has a valuation of $112 million while the others are relatively small.
Zilliqa price prediction
The daily chart shows that the ZIL price has been in a tight range in the past few weeks. The price has remained stuck between the key support and resistance level at $0.075 and $0.1245. This price is at the same level as the 25-day and 50-day moving averages. It is also slightly below the 23.6% Fibonacci retracement level.
Therefore, I suspect that the Zilliqa price will remain inside this range. A drop below the support at $0.075 will signal that bears have prevailed, which will lead to more weakness. A bullish move above $0.1260 will mean that there are still more bulls in the market.
