The Zilliqa price popped to the highest level since April 28th as investors came back in. The ZIL token rose to a high of $0.0972, which is significantly higher than this month’s low of $0.066. The coin’s market value has risen to $1.38 billion. Other top-performing cryptocurrencies are Steem, People, ThorChain, and Curve DAO.
Zilliqa price made a spectacular rebound after recoiling sharply in April. After soaring to a high of $0.2325 in March, the coin crashed by more than 70% as it entered its distribution phase. In most cases, digital coins tend to decline sharply after going parabolic. This happens as many people who bought for fear of missing out (FOMO) start to exit their positions.
The Zilliqa price is rising as investors buy the dip since they see it as undervalued. They are also cheering the coin’s statistics after it passed block 2 million. Further, it has become a popular coin to stake. According to its statistics portal, there are now more than 5 million staked ZIL tokens in the market that have an attractive APY of about 13.55%. Another reason is that Zilliqa’s Metapolis has made a strong debut recently.
Zilliqa price prediction
The ZIL token has made a strong recovery after it found a strong support at $0.066, which was the lowest level in March. It has managed to move above the 25-day and 50-day moving averages. The coin is approaching the important resistance level at $0.1010, while the Relative Strength Index (RSI) has moved above the overbought level. Zilliqa is also slightly below the descending trendline shown in yellow.
Therefore, since Zilliqa has formed an evening star pattern, it is likely to resume the bearish trend and retest the support at $0.08. A move above the resistance at $0.11 will invalidate the bearish outlook.