Zilliqa to Ethereum bridge delayed, but ZIL price eyes retest of $0.086
- Zilliqa to Ethereum bridge was reportedly delayed until the ETH London hard fork goes live.
- ZIL price retraces to the range low at $0.0690, anticipating a 24% bounce to $0.0858.
- A breakdown of $0.0598 will invalidate the bullish outlook.
Zilliqa price is currently approaching a crucial support level that could trigger a bounce, leading to a new uptrend. However, there are chances of this barrier failing under increased selling pressure. Therefore, investors need to keep a close eye on the bounce.
ZIL-ETH bridge faces setback
The Zilliqa-ETH bridge is a highly anticipated connection that brings interoperability between the two networks. This development will benefit users and allow developers to efficiently transfer data and leverage the advantages of DeFi and offer a plethora of opportunities in areas like gaming, supply chain logistics, etc.
While the launch was estimated to occur in the third quarter of 2021, a definitive date has not yet been announced.
In a recent tweet, Amrith Kummer, the president of Zilliqa, announced that the bridge will be delayed and will not go live before the London hard fork, which is scheduled around August 4.
Other major developments related to the Zilliqa ecosystem includes the recently revealed game Zilliqa Royale, a Zilliqa blockchain-based game built on Minecraft.
Zilliqa price looks to reverse its trend
Zilliqa price rallied 67% over the past six days, slicing through the range low at $0.0690. After setting up a swing high at $0.0848, ZIL entered a corrective phase, retracing roughly 17% to where it currently stands, $0.0709.
Investors can expect this pullback to find support around the range low at $0.0690. However, if the selling pressure continues to build up, it is likely that this barrier will be breached, leading to a 12% downswing to a critical support level at $0.0598.
Market participants can expect a bullish reaction as ZIL approaches this barrier. If the buyers come to the rescue, Zilliqa price will likely rally 17% to slice through $0.0690 and, in some cases, tag the lower limit of the supply zone extending from $0.0859 to $0.0956.
ZIL/USDT 12-hour chart
On the other hand, if the support level at $0.060 is breached, it will invalidate the bullish thesis and potentially trigger a 15% downswing to the July 20 swing low at $0.0508.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
