- The crypto fear and greed index has moved to the greed area.
- Zilliqa, Floki Inu and other altcoins have all jumped by double digits this week.
Zilliqa price is loitering near the highest point since June 10th as the crypto fear and greed index drifted upwards. ZIL token was trading at $0.018 on Thursday, about 22% above the lowest level this month. Floki Inu price, on the other hand, jumped to $0.000029, the highest point since June 6th.
Fear and greed index rises
Cryptocurrencies like Zillliqa and Floki Inu have bounced back in the past few days as investors got a bit greedy in the market. As I wrote on Wednesday, the fear and greed index has moved to the extreme greed zone. In most periods, cryptocurrencies tend to do well in periods when investors are greedy.
The same us true for other assets like stocks. The Nasdaq 100 and S&P 500 indices have all jumped to their highest levels in months as the CNN Money fear and greed index moved to the extreme greed area of 75.
There is nothing internal about Floki Inu and Zilliqa that is pushing their prices high. In fact, a quick look at most cryptocurrencies shows that they have jumped in the past few days. Bitcoin itself has soared by over 20% after bottoming on Friday last week.
There are two main reasons why ZIL and FLOKI are soaring. First, these tokens are rising because of the ongoing entry of traditional finance to the crypto industry. Companies like Credit Agricole, Blackrock, Deutsche Bank and Invesco have all made crypto announcements this week. European firms have applied for custody services while their American counterparts have made plans for Bitcoin ETFs.
Second, the Fed Chairman said that crypto seems to have staying power in his testimony to Congress. He is right considering what they have gone through recently. Some of the biggest events were the collapse of Terra and its ecosystem and the failure of Silvergate Capital, FTX, and Voyager Digital.
Floki Inu price forecasts
Floki Inu price has jumped in the past few days. On the 4H chart, the token has moved above the 50-period moving average. It has also crossed the important resisance point at $0.0000234, the highest point on June 19th. The coin has also risen above the 50-period moving average.
Therefore, I suspect that the token will now pull back now that it has retested the important resistance point at $0.000029, the lowest point in May. A volume-supported move above this level will open the possibility of the coin rising to $0.000033.
Zilliqa price prediction
The 4H chart shows that the ZIL price jumped to a high of $0.020 on June 22nd and then pulled back slightly. It has moved above the 50-period moving average while the Relative Strength Index moved below the overbought level. After retesting the support at $0.018, the coin will likely resume the bullish trend. More upside will be confirmed if the price moves above $0.020.
