Today marks the sixth consecutive trading session that Zilliqa’s price has dropped in the markets. Today, the crypto is down by a percentage point. However, the current trend is looking like it will continue throughout the session and result in prices closing lower.
Why is Zilliqa dropping?
Throughout June, Zilliqa remained in an aggressive bearish trend, losing 29 per cent of its value. However, the drop was an extension of the previous two months, which saw the cryptocurrency drop by 23 per cent in May and 59 per cent in April.
Part of the drop has been the current bear market, which has affected virtually all cryptocurrencies in the market today. In May, the strong bearish trend was also a result of the crash from Luna and the UST fall.
June also followed the cryptocurrency industry trend. Despite a strong start, Zilliqa began to fall by the second half of the month. Since then, it has struggled to mount a resurgence, closing the month at 29 per cent.
Zilliqa Price Prediction
In today’s trading session, Zilliqa is up by a percentage point. However, despite the strong bullish signal in intraday trading, much of what happens to the crypto throughout the month will be out of its control.
Therefore, looking at the current cryptocurrency industry trend, my Zilliqa price prediction expects the prices to continue falling. Part of the reason the industry has struggled has been due to the rising Fed rates, inflation rates and a looming recession. These factors have resulted in many investors staying out of risky investments such as crypto, causing the industry to struggle.
The impact of these actions has been much tougher on Zilliqa, which has lost 76 per cent in less than three months. On the flip side, if the economy and other factors such as Fed rates and cost of living improve, then my bearish analysis will be invalidated. We will likely see Zilliqa mount a comeback in the second half of the year.