Is It Time to Finally Go Long?

Zilliqa’s price is down by a percentage point in today’s trading session. However, intraday data shows that it was down by 4 per cent in the early hours of the session and is currently on a recovery path.

Like almost all other altcoins, Zilliqa has grown increasingly bullish in the past few days. Part of the reason is that the cryptocurrency market is slowly entering a bull market, and Zilliqa, positively correlated with most of these cryptos, has also seen its price increase. 

Zilliqa’s 4 per cent gain in July looks like a huge improvement compared to previous months. In June, the crypto lost 29 per cent of its value. The crypto also lost 23 per cent of its value in May and 59 per cent in April. Therefore, going into July, I was expecting a similar trend to continue, which, at the time, had resulted in Zilliqa losing 82 per cent of its value. 

Zilliqa Price Prediction

In my last article dated July 7, I explored whether investing in Zilliqa was smart. During that time, the markets were trading in a sideways market. Therefore, my evaluation was to wait until Zilliqa had established a trend before getting into trading. 

Almost two weeks later, the chart below shows Zilliqa’s price in an aggressive bullish trend. Although yesterday’s trading session was aggressively bearish and today’s session is also bearish the larger trend, as can be seen on the chart, is to the upside. 

Therefore, I expect the prices to recover and continue with the bullish trend. There is a high likelihood that we will see the prices breaking the $0.045 resistance level to the upside and possibly push past the $0.05 price level.

My long-term Zilliqa price prediction expects the price to hit the $0.057 resistance level. However, my bullish analysis will be invalidated should the price retrace back and trade below the $0.038 support level. At that point, it will be clear that the bears have won.

Zilliqa Daily Chart