While Zilliqa has outperformed the rest of the cryptocurrency market recently, the technicals suggest profit-taking may be imminent
On Wednesday, Zilliqa (ZIL) increased by 76.26 percent. ZIL closed the day at $0.1812, up 4.26 percent from the previous day. It was the fourth daily increase in the last five sessions. This morning’s rising trend continued, with wider crypto market optimism providing support.
Zilliqa announced a new Metapolis cooperation on Tuesday. Metapolis will collaborate with Agora, a layer-1 blockchain powered by Zilliqa. Agora is a talent competition software that allows users to publish their work and compete in events. Participants can get international support, publicity, and recognition. On April 2, 2022, Metapolis will be unveiled during a VIP event in Miami. Metapolis has reportedly gathered $2 million in pre-launch income from pipeline clients, according to the statement. Metapolis is the world’s first Metaverse-as-a-service (MaaS) platform, allowing companies and clients to construct customized digital destinations.
Aparna Narayanan, head of communications at Zilliqa, said in a blog post published in December: “Metapolis, whose suffix means ‘city’ in Greek, is designed as a cutting-edge extended reality (XR Metaverse)- an amalgamation of AR and VR – and is powered by Zilliqa’s scalable and secure blockchain platform.”
Aparna also noted that: “Metapolis will allow conceptually rich and custom-designed domes as part of cities that can house brands, artists, concepts, games, e-stores, real estate or other digital experiences – offering a new layer of engagement for both the physical and digital worlds. Metapolis looks to be self-sustaining and includes engagement layers such as NFTs, e-commerce, play-to-earn, digital mannequins, advertising billboards and more.”
Sandra Helou, Head of Metaverse and NFT at Zilliqa, added: “We are excited for this partnership as we are able to bring not only creativity to life within the metaverse but also open borderless access for creatives worldwide to connect in the digital world. The partnership between Agora, Zilliqa and Metapolis means we are at the forefront of Web 3 innovation.”
According to its relative strength index (RSI) readings over the threshold of 70 as of March 31, Zilliqa has become a “overbought” asset on both its daily and weekly period charts. As a result, the ZIL/USD pair sank almost 12% to test the 0.786 Fib line around $0.193 as interim support. While its RSI remained over 70, indicating more bearish momentum. Meanwhile, since August 2020, ZIL has appeared to be trading within a large symmetrical triangle, as evidenced by at least two reactive highs on its upper falling trendline and two reactive lows on its lower rising trendline.
The Zilliqa token retested the triangle’s top trendline (about $0.19) on March 31. Indicating a possible drop to the bottom trendline (around $0.08). If the pattern plays out as projected means a price decline of at least 55.5% in the future weekly sessions. On the other hand, a significant break above the resistance confluence, which includes the triangle’s upper trendline and two Fibonacci levels, might push ZIL closer to $0.35, which is also the 1.618 Fib line.
