February 23, 2024

Zilliqa (ZIL) Drops 10% despite the Push into Metaverse, GameFi, and DeFi

  • Zilliqa is a top-performing blockchain platform powering projects with increasing adoption and social activity.
  • Zilliqa entered a new era of growth as the blockchain attracted DeFi, web3, and gaming projects.
  • Analysts believe Z. IL will extend its downward moves as the alt recorded double-digit drops over the past day.

Zilliqa (ZIL) has witnessed downtrends for more than two weeks now. The top-performance blockchain could not launch a comeback despite new projects joining its ecosystem. Analysts remain pessimistic about ZIL, predicting further downward actions.

ZIL Struggles to Recover; On-Chain Activity Deteriorates

Market players consider Zilliqa a high-performance and top-notch security blockchain that houses exciting projects from DeFi, Metaverse, and Web3. Zilliqa entered a new stage of its growth at the start of 2022, targeting the DeFi marketplace.

ZIL struggles regardless of the surge in popularity and social activity. The altcoin registered a double-digit loss, dropping 10% over the past day. Furthermore, Zilliqa enhanced its leadership, employing senior individuals with high-end blockchain experience. Moreover, projects on the ZIL platform have seen increased popularity and a surge in social activity.

ZIL price action could not match the upgrades in its blockchain network as it remained stagnant. Crypto experts examined the ZIL price trends and noted a bearish picture. A pseudonymous cryptocurrency analyst @Hayess5178 stated that ZIL prices topped up. The analysts await the alt to break and overcome the resistance at $0.115 to affirm recoveries. He trusts trend reversals in the near term might authorize a higher high. Nevertheless, failing to overcome the resistance may mean a bearish trend continuation for ZIL.

A renowned crypto analyst Gert van Lagen compared ZIL’s slow recovery to BTC’s from 2022 Q1.

However, ZIL’s overnight slump matched the downturn in the overall crypto space. The global cryptocurrency market capitalization lost 3.74% within the past day to $1.81 trillion. Also, BTC lost 3.27%, at the same time, trading at $39,023.94 at this publication. The market sees faded sentiment amid inflation worries and the Russia-Ukraine conflict. Such narratives may see ZIL weakening further.

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