As we have seen that the crypto market is already going through a series of corrections. There are several major and potentially promising coins that have shed a lot of worth in the last few weeks because of the market outlook. Even the top cryptocurrencies crashed by a significant margin in the bearish market.
There are several altcoins that have a potentially promising project as far as the interest of the investing sector is concerned. Zilliqa is one such altcoin that attracted many traders and investors to explore its potential in the market.
The recent performance of Zilliqa (ZIL) are concerning as the altcoin suffered from a new correction on June 22. This correction came as a following to several other altcoins in the market. The rebound of ZIL from the support levels has been quite marginal because of its low trading volume as well. Experts have said that until ZIL actually recovers to $0.085, traders and investors should refrain from putting in a lot of money in the asset. As the market should settle down and thus a more definite analysis can be conducted on the price structure of Zilliqa.
Low prices and a major downtrend
The latest low of ZIL was a whopping 75% from its high of $0.262. This major decrease in worth listed ZIL among the worst performers of the crypto market in the month of June. Currently, the value of ZIL hovers around $0.0663. This is no where near a mark that could help ZIL in gaining some composure.
Zilliqa made a little recovery to regain its current value. It is predicted that if it crosses $0.085 then it might gain the required stability to maintain the upsurge. However, analysis have also shown that a Death Cross will constrain the price of Zilliqa and will apply downward pressure to undermine its already weakened strength.
There is an indecisiveness in the crypto market regarding ZIL that is limiting its potential to cross the resistance level of $0.085. This is why a major sell-off can push back ZIL’s price to $0.052, resulting in an over 25% downgrade from its current position. However, experts believe that this concerning situation of the altcoin is primarily because of the unstable market conditions. The conditions can improve once the market regains some strength. Therefore, traders should not make impulsive decision regarding the altcoin.