Last week’s 210% swing to the upside saw renewed interest in Zilliqa.
Since peaking at $0.26 last May, a prolonged drawdown followed. It began with a vicious sell-off with $ZIL finding support at the $0.06 level.
Although bulls attempted to fight back, after hitting resistance of around $0.13, the downtrend continued its path in September. A local bottom was found at $0.03 in mid-February. This was proceeded by a tight trading range between $0.03664 and $0.04432.
Source: TradingView.com
However, last week’s explosive breakout confirmed a convincing break of the near seven-month downtrend. With that, investor interest in Zilliqa has returned.
But can $ZIL build on this momentum and sustain the reversal?
Zilliqa breakout takes the market by surprise
During the downtrend period, Bitcoin and other Layer 1s saw sizeable gains, particularly from September to November 2021. But with Zilliqa floundering at the time, some took this as evidence the project was dead.
It was only the last mont
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