The Zilliqa price is still facing a rough patch as the rest of the crypto universe struggle. ZIL is trading at $0.0680, which is more than 73% below its all-time high. This decline has pushed the coin’s total market capitalization to more than $787 million, which is significantly lower than its all-time high of more than $1.4 billion.
Zilliqa news. Zilliqa is a blockchain project that helps developers build quality decentralized applications like DeFi and Non-Fungible Tokens (NFT). The project usses sharding, which is a process that helps the platform to scale and meet the demand of its miners. Developers find its sharding mechanism, schnorr signature, and Scilla to be its best features.
While Zilliqa has received good reviews, its broader adoption among developers has been relatively limited. Instead, most of them prefer mainstream projects like Ethereum and Polkadot.
Zilliqa price has also struggled because of the overall weakness of the cryptocurrency ecosystem. Recently, we have seen Bitcoin and all altcoins lag. This is partly because of the overall fear of high-interest rates and tightened regulations. So, what next for the ZIL price ahead of its 4th birthday?
Zilliqa price prediction
My last Ziliqa price forecast did not work out. In it, I predicted that the coin’s price would jump to $0.10. Instead, the coin’s price declined further to $0.0680. It is hovering near the lowest level since February this year. At the same time, the coin has formed what looks like a bearish descending triangle pattern.
The downward trend is also being supported by moving averages and oscillators like the Relative Strength Index (RSI). Therefore, I suspect that the coin will soon have a major bearish breakout. If this happens, the next key support to watch will be $0.04. On the flip side, a move above the descending trendline will invalidate this prediction.
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ZIL price chart
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