Thursday, December 1, 2022

Zilliqa (ZIL) looks poised for a 30% upswing in the coming days

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Zilliqa (ZIL) was a huge performer in the last three weeks. The coin saw record-breaking gains even as other coins slowed. But a correction that followed that mesmerizing surge put some breaks on ZIL’s rise. However, the coin still has a lot of potentials:

  • Increased buying pressure could push ZIL up in the days ahead.

  • The coin is now within a crucial demand zone of between $0.097 and $0.121.

  • ZIL has a potential upswing of around 30%

Data Source: Tradingview 

How Zilliqa can regain its momentum

ZIL has been slowing quite rapidly over the last week or so. In fact, after peaking during the last week of March, the token has lost nearly 56% of its value. But after a period of consolidation, the coin has now started to rise again. 

ZIL currently sits in between a very crucial demand zone that ranges from $0.097 to $0.121. In the past, this zone has provided a lot of buying pressure and so far, we are starting to see some uptick in bullish activity. ZIL has surged by at least 7% over the last 24 hours. We expect bulls to continue buying within this zone. 

As a result, ZIL will explode, bringing gains of at least 30% in the process. However, it is unlikely that ZIL will reclaim its all-time high of $0.237. While this is possible this year, in the near term, we expect the coin to face major resistance zones before it even gets close to $0.2.

What are ZIL’s long-term prospects?

After an exponential rally last month that saw gains of around 540%, it is clear that ZIL has run out of steam. In the near and medium-term, we expect the coin to struggle for demand. But in the long term, ZIL still has immense potential, and 2022 could still prove a very successful year for the token.

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