- Zilliqa price has been in a slow comeback in 2022.
- The developers recently made a spin-off of its gaming division.
- Technical analysis points to a bearish breakdown soon.
Zilliqa price has slowly made a comeback in the past few days because of several ecosystem news. ZIL, the platform’s native coin, rose on Wednesday even as a somber mood engulfed the crypto industry. It rose to a high of $0.035, the highest point since October last year.
Zilliqa has made several headlines that have helped drive its price higher. First, the developers unveiled EVM compatibility in the network, meaning that developers can now build Zilliqa apps that are compatible with Ethereum’s ecosystem. This was an important feature in the network because it will help the network grow.
The other important Zilliqa news was the decision to spin-off its gaming business into a standalone company. In a statement, the developers said that the new company will work closely with the existing Zilliqa team to launch more games.
Read more: How to buy Zilliqa.
Zilliqa price prediction
The main goal of this article is to focus on the ZIL price action and give a prediction of what to expect. On the daily chart, we see that Zilliqa has been in a slow bullish trend after it crashed to a low of $0.015 in December. As it rose, the coin has managed to move above the key resistance level at $0.034, the highest level on November 5.
Zilliqa has also moved above the 61.8% Fibonacci Retracement level. This is another bullish sign. Further, it has remained above the 50-day and 25-day exponential moving averages (EMA). This means that bulls are now in the driver’s seat.
It is also slightly above the upper side of the ascending channel which is shown in red. This channel joins the lowest and upper levels since January 9. Therefore, I suspect that the coin will retreat and retest the lower side of the channel at about $0.030. More gains will be confirmed if the coin moves above the intraday high of $0.037.
ZIL crypto price forecast
Now, turning to the four-hour chart, we see that Zilliqa price has formed an ascending channel that has a close resemblance to a rising wedge pattern. The current price is slightly below the upper side of the channel. The price is also between the upper and the middle lines of the Bollinger Bands.
Now, it seems like the waves of the rising wedge pattern are about to end. Therefore, I suspect that the next wave of Zilliqa will be downwards. This trend will likely happen after the Fed publishes minutes of its February meeting. These minutes will likely provide more color about what the Fed will do in the coming meetings.
