- The Zilliqa crypto price is trading 90.6% below its all-time high price level.
- Top 10 holders of the ZIL crypto hold 37.6% of the total supply.
Zilliqa is a blockchain platform launched in 2017, pioneering sharding to enhance scalability and process thousands of transactions per second.
Its mainnet went live in January 2019. Designed for high-throughput dApps, it uses Scilla to secure smart contracts, making it ideal for the finance, digital advertising, and gaming sectors.
The value of the traded volume for the Zilliqa crypto has witnessed a decline of 14.8% in the last 24 hours from press time. This represents a decline in crypto trading activity.
Following the decline in the trading volume, the market cap of the crypto also slid by 3.7%. This cryptocurrency’s ranking is #159 based on its current market cap, as per CoinMarketCap.
The price volatility of the crypto is medium, resulting in 3.05%, indicating that the Zilliqa crypto’s price is stable. Additionally, the market cap dominance of the crypto is 0.02%, and the supply inflation of the crypto is 16.12%.
Zilliqa Crypto Derivatives Analysis
The trading volume of the Zilliqa crypto has been static for the last few weeks, showing no significant trading activity in the crypto community.
The long liquidation recorded for the Zilliqa crypto over the last 24 hours is worth $57.17, while the short liquidation is just $1.55K, which shows bears’ dominance in the crypto.
The derivatives trading volume for the crypto has further declined by 28.5%, following a decline of 7.1% in the open interest of the crypto. Also, the open interest value of the crypto is $16.19M.
ZIL Crypto Technical Analysis
Since the beginning of the year, the ZIL crypto price followed a strong uptrend, forming a series of higher highs.
The price of the ZIL crypto witnessed consistent profit booking from the swing high of $0.04483 formed on 13th March 2024. The profit booking in crypto led to the reversal of the trend to bearish, and the price of crypto has declined by 50% since then.
At press time, the ZIL crypto price is taking support at a strong long-term dynamic trendline. Also, the recent price action in the crypto has led to the formation of a rising wedge pattern.
ZIL/USD Chart by TradingView
The 50-day EMA on the daily crypto chart has broken below the 200-day EMA, leading to the crypto’s death cross. It further shows weakness in the trading price of the crypto.
The MACD is neutral on the charts, as the MACD and the signal line are trading in a golden cross but are still below the zero level.
The RSI value also failed to sustain itself above the 50 level and declined to the level of 47. That represents a weakness in the momentum of the crypto trading price.
Summary
The Zilliqa price is 90.6% below its all-time high, with declining trading volume and market cap. The top 10 holders control 37.6% of the supply.
Technical indicators show bearish trends, including a death crossover and weak RSI. Derivatives data indicates strong bearish dominance and declining open interest, signaling a potential downside.
The ZIL crypto might take support at the lower levels of $0.0130 and $0.0190, while the resistance levels for the crypto are at $0.0340 and $0.04090.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.