Following a 23 per cent drop in May, Zilliqa prices looked poised to make a recovery, with the last few days of May showing an increased bull lean. In addition, data from late last month could have given an impression of a recovering cryptocurrency.
However, Zilliqa’s price has continued to plummet into the month of June, where it has lost 10 per cent of its value. Zilliqa also lost 23 per cent in May and 59 per cent of its value in April. Since May 6, 2021, when Zilliqa hit its all-time price highs of $0.25, the crypto has also lost 80% of its value.
Looking at the above data, it is clear that, for months now, Zilliqa has been in a very aggressive bear market. The price drops also correspond to the current global cryptocurrency industry bear market. With Zilliqa being positively correlated to major cryptocurrencies such as Bitcoin and Ethereum, the drop in their market value has reverberated throughout the industry and has resulted in the current strong bearish move.
In May, a cryptocurrency crash was also caused by the collapse of Terra Luna and UST. The collapse caused almost all cryptocurrencies to drop in prices. Zilliqa, one of the largest altcoins, also followed suit and lost much of its value.
Zilliqa price prediction
Although today’s trading session is showing a less than one per cent price gain in the markets, the trend is still very bearish. This can be seen in the last two days, where the crypto have closed below their opening prices.
The chart below shows that the prices have traded within the support and resistance levels of $0.045 and $0.57, respectively. Recently, the prices hit the resistance level, which led to the current bearish trend. Therefore, my Zilliqa price prediction expects the prices to continue falling until it hits the $0.045 support level.
There is also a high likelihood we will see the prices trading below the support level in the next few trading session. However, should the crypto prices close above the $0.055 price level, then my bear market analysis will be invalidated. It will also give indicate a possible trend reversal.
Zilliqa Daily Chart
