Zilliqa (ZIL) price is having a very rough week as the volatility embraced the whole crypto market. The price appears to be hanging by a thread as the bears gain momentum after a double-top formation. If bulls don’t step in soon, there is a probability of a 25% drop from the current level.
Cryptocurrencies are experiencing massive volatility spikes this week as the BTC price attempts to break above the historical resistance of $30k. Zilliqa crypto price dropped by 2.09% on Friday and turned red for the fourth time in the week. This resulted in a weekly loss of 11% in the price of the native asset of Zilliqa ecosystem.
Zilliqa TVL Fails To Grow In 2023
The Decentralized Finance (DeFi) tracking website DeFi Llama reveals that the Zilliqa blockchain has failed to gain any traction as the total looked value on the platform is still very low. According to the latest stats, there is currently $5 million worth of funds locked on the network. This is very little TVL when compared to the major blockchains that the project is trying to disrupt.
In other Zilliqa news, Matt Dyer, Bradley Laws, and Anton Agafonov are representing the project at Consensus 2023. As per the official Twitter handle of Zilliqa, the event coincides with the introduction of EVM compatibility on Zilliqa mainnet. However, Zilliqa price has failed to react positively even after the launch of EVM compatibility.
Zilliqa Price Needs To Bounce From Here
The latest technical analysis of the ZIL crypto price chart reveals that the time is running out for the bulls. As evident from the following chart, the price has formed a double-top pattern in the 4H timeframe. This is one of the most bearish reversal patterns, which often results in major price drops.
Therefore, Zilliqa price prediction will flip extremely bearish if the price breaks below the 0.0285 level. Currently, the price is trading below this level, but it hasn’t closed a candle yet. In case of a breakdown, the potential targets for the bears could be the $0.025 and the $0.021 levels, where lie the next major supports.
I’ll keep posting my updated outlook on Zilliqa in my free Telegram group, which you’re welcome to join.
