The Zilliqa price bounced back on Tuesday as the rest of the crypto universe staged a major rally. ZIL soared to an intraday high of $0.0756, which was substantially higher than yesterday’s low of $0.6088. It has a market capitalization of more than $863 million making it the 71st biggest cryptocurrency in the world. At its peak, Zilliqa was in the top 25.
Zilliqa news. There are three main catalysts that affecting Zilliqa and other cryptocurrencies in the past few weeks. First, the most important one is that China has intensified its crackdown on digital currencies lately. It has already banned its financial services companies from processing funds to and from crypto entities. Also, it has shut down major mining operations.
Second, there is the issue of regulation in Western countries as the number of ransomware attacks increase. Finally, Zilliqa price has dropped because of the overall fear of high-interest rates. Indeed, the bounce experienced today comes after Jerome Powell offered a dovish statement yesterday. Further, more developers have continued to select alternatives to Zilliqa like Ethereum and Polkadot.
Zilliqa price prediction
The four-hour chart shows that the ZIL price has been under pressure. It has already fallen by more than 75% from its all-time high. The coin also moved below the important support level at$0.7056, which was the lowest in May. Additionally, it is below the 25-day and 50-day exponential moving averages (EMA).
Therefore, in my view, the bearish trend will likely continue so long as Zilliqa is below the two moving averages. As such, there is still a possibility that it will continue falling once the relief rally ends.
ZIL price chart
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