Zilliqa (ZIL) has weakened more than 20% since August 15, falling from a high of $0.049 to a low of $0.036. The current price of Zilliqa (ZIL) stands at $0.037, which is more than 80% off from its 2022 highs that were registered in April.
But where is the price of Zilliqa (ZIL) going next, and what can we expect from September 2022?
Today, Crypto Lists will discuss ZIL price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.
The U.S. central bank will likely raise its key rates substantially further
Go directly to
Zilliqa is a software that seeks to incentivize a global, distributed network of computers to run a blockchain platform that aims to increase user scalability through sharding. Zilliqa is built entirely on a sharded architecture, and it offers many features common to other cryptocurrency networks, such as smart contracting, transaction settlement, and token issuance. Developers can use its proprietary language, Scilla, to run custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services.
Zilliqa was launched in June 2017 by co-founders Amrit Kumar and Xinshu Don, and it is important to say that Zilliqa differs from Bitcoin because everything goes much quicker on this network. Zilliqa’s cryptocurrency, ZIL, plays an important role in maintaining and operating its network, and by owning and staking ZIL, users gain the ability to vote on network upgrades.
Zilliqa (ZIL) has weakened more than 20% since August 15, and the risk of further decline for ZIL is not over. Federal Reserve Bank of St. Louis President James Bullard said last week that he is open to the idea of another outsized interest-rate increase at the central bank’s meeting in September, which negatively influenced stocks and cryptocurrencies.
Supply: 12,980,000,000 / 21,000,000,000
Release date: January 4, 2018
Description: What do you know about Zilliqa? Discover the ZIL price, current estimates, news and facts from out overview about this coin.
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
James Bullard said he would “lean toward” a rate increase of 75 basis points at next month’s Federal Open Market Committee meeting, but Richmond Federal Reserve President Thomas Barkin said on Friday that U.S. central bank officials have “a lot of time still” before they need to decide how large an interest rate increase to approve at their Sept. 20-21 policy meeting.
The Fed has raised its benchmark overnight interest rate by 225 basis points since March, and while the rate increases are intended to tame inflation and thus help the economy, investors are worried that an aggressive interest rate could tip the economy into recession. Risk-on assets such as ZIL tend to suffer in such conditions, and it is important to say that risky assets like stocks and cryptocurrencies have been considerably impacted by the U.S. central bank’s tightening monetary policy. So around the FED meeting in the second half of September, the price estimate for ZIL might be lowered again.
Technical analysis for Zilliqa (ZIL)
After hitting recent highs above $0.049 on August 15, Zilliqa (ZIL) has encountered losses of more than 20%. The price has now stabilized above the $0.037 level, but a break below the $0.035 level would indicate that ZIL could probably test the support level at $0.030.
On this chart (the period from October 2021), I marked the main support and resistance levels that can help traders to understand where the price could move. The more often price tests a level of resistance or support without breaking it, the stronger the area of resistance or support is. When the price passes through the resistance, that resistance could potentially become support. Zilliqa (ZIL) remains in the “bearish phase,” but if the price advances above $0.060, it could be a sign of the trend reversal, and the next target could be located around $0.080. The important support level for Zilliqa is $0.030, and if the price breaks this level, it would be a strong “SELL” signal, and we have the open way to $0.025.
What speaks for the rise in the Zilliqa (ZIL) price
Zilliqa (ZIL) remains in the “bearish phase,” but if the price advances above $0.060, it could be a sign of the trend reversal, and the next target could be located around $0.080. Traders should also consider that the price of Zilliqa is correlated with Bitcoin, and if the price of Bitcoin jumps above $25000, we can see ZIL at much higher levels.
What indicates further downfall for Zilliqa (ZIL)
Zilliqa (ZIL) has stabilized above the $0.037 level, but a break below the $0.035 level would indicate that ZIL could probably test the support level at $0.030. It is important to say that $0.030 represent very strong support, and if the price breaks this level, it would be a strong “SELL” signal, and we have the open way to $0.025. The price of Zilliqa is also correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of ZIL.
Zilliqa (ZIL) price expectations from analysts and experts
With inflation at 41-year highs and more aggressive monetary tightening policies from global central banks on the horizon, expert expectations are that risk-on assets like stocks and cryptocurrencies may continue extending losses. According to the Federal Reserve Bank of St. Louis President James Bullard, the U.S. central bank will likely have to raise its key rates substantially further to get inflation under control. James Bullard said he would “lean toward” a rate increase of 75 basis points at next month’s Federal Open Market Committee meeting, which negatively influenced stocks and cryptocurrencies. While the rate increases are intended to tame inflation and thus help the economy, investors are worried that an aggressive interest rate could tip the economy into recession. The price of Zilliqa is also in correlation with Bitcoin, and if the price of Bitcoin drops below $20000 support again, we can see new lows for ZIL.
Where to play Popiplay's new Maxzilla slot?
NFTreasures - Zillion's most exciting slot 2023
Brazil legalizes crypto as a form of payment
Trending coins - Waves, ZIL & TITAN
Fantastic weeks for ZIL - what happened?
