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

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano partners with Chainlink to drive smart contract development for DeFi applications

Cardano recently announced a strategic partnership with decentralized blockchain oracle network Chainlink. The third-generation blockchain is preparing to build smart contracts for decentralized finance (DeFi) applications.

More Cardano news

Huobi to stop servicing Chinese users as China vows strict crackdown on crypto

A few months after the cryptocurrency mining ban in China, the country issued another update last week, reiterating that digital assets are banned and crypto exchanges are prohibited. Shortly after the announcement was revealed, Bitcoin and altcoins plunged.

More Cryptocurrencies news

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance.

More Polkadot News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast