Zilliqa price plummets 10% despite its push in DeFi, GameFi and Metaverse

Zilliqa has suffered a downtrend for over two weeks now; despite new projects in its ecosystem, the high-performance blockchain failed to make a comeback. Analysts have a bearish outlook on Zilliqa and predict further drop. 

Zilliqa struggles to recover, on-chain activity takes a hit 

Zilliqa is considered a high-security and high-performance blockchain that hosts exciting projects from Web3 and the metaverse. At the beginning of 2022, Zilliqa entered a new phase of its growth in the DeFi ecosystem. 

Despite the rise in popularity of these projects and their social activity, there is no positive impact on Zilliqa price. 

Zilliqa posted a double-digit drop, a 10% drop overnight. The altcoin recently expanded its leadership, bringing senior executives with decades of experience in blockchain. Further, the projects on Zilliqa have gained popularity and witnessed a rise in social activity. 

Zilliqa price failed to catch up with the updates in its blockchain ecosystem and remained stagnant. Analysts have evaluated the Zilliqa price trend and revealed a bearish outlook. 

@Hayess5178, a pseudonymous crypto analyst, observed that Zilliqa price topped up recently. The analyst is waiting for ZIL to break and hold $0.115 resistance, to confirm its recovery. The analyst believes if Zilliqa price witnesses a trend reversal in the short-term, this could confirm a higher high. However, failure to break past resistance could confirm the continuation of a bearish trend for Zilliqa price. 

Gert van Lagen, a leading crypto analyst, has compared Zilliqa’s slow recovery to Bitcoin’s from Q1 2022.