• Zilliqa-based Singapore dollar becomes the third-largest tokenized currency in the world.
  • The cumulative unique visitors per month has exceeded 15 billion, suggesting investors’ interest in ZIL.
  • ZIL price signals reversal after it tapped a crucial supply barrier at $0.15.

New developments around the Zilliqa blockchain are gaining traction and could positively affect ZIL price in the short term.

Third-largest tokenized currency is based on Zilliqa

More than two years after the initial discussion between Zilliqa and Xfers, tokenized Singapore dollar (XSGD), built on the Zilliqa blockchain, is now the third-largest tokenized currency after the US dollar and the euro.

This growth translates Singapore dollar’s demand into Zilliqa’s network growth, which could, in turn, provide ZIL price a nudge to surge higher.

Additionally, Zilliqa blockchain-based Red Chillies is a gaming platform where users can host multiple games, bets, and more.

At the time of writing, football seems to be the only available game. However, the market participants on this platform seem to be on the rise. On March 22, 14 football games were hosted on this platform, with about 8,000 ZIL tokens distributed as the prize pool.

The Juventus game on March 21 also saw about 6,000 ZIL tokens being distributed to winners. All in all, the Zilliqa blockchain seems to be gaining adoption and suggests that the market value of its native token, ZIL, will soon follow.

Zilliqa price on the verge of a massive bounce

Zilliqa price has created three higher highs and a few lower lows since late January. By drawing a trend line connecting these swing points, an ascending parallel channel has been formed.

If breached, this setup forecasts a steep correction. However, Zilliqa bulls seem to have other plans. At the time of writing, Zilliqa price is trading just above a crucial demand barrier at $0.15, coinciding with the 61.8% Fibonacci retracement level and the 12-hour 50 exponential moving average (EMA).

Since March 11, ZIL has tapped this level almost four times. If something similar happened again, Zilliqa price would be due for a bounce that could push it towards the technical formation’s upper boundary. 

This move would target a 45% pump in ZIL price to $0.22.

Supporting this optimistic scenario for ZIL is SuperTrend indicator’s “buy signal,” which has persisted despite the recent price spike to the downside.

ZIL/USDT 12-hour chart

ZIL/USDT 12-hour chart

While a bounce seems likely, a logical option suggests the weakening of the support level, followed by a correction.

Therefore, Zilliqa price could experience a 10% drop to the next immediate demand barrier at $0.13, if the $0.15 level is breached.

If the bearish momentum persists, investors can expect another 10% sell-off to the 38.2% Fibonacci retracement level at $0.12.

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 Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Can the second half of 2022 be kind to SafeMoon price?

Can the second half of 2022 be kind to SafeMoon price?

SafeMoon price shows a bullish outlook that seems too good to be true. Investors that do not practice proper risk management could get caught off guard. 

More SafeMoon News

Cardano price has fallen beneath $0.45, here’s what to expect in July

Cardano price has fallen beneath $0.45, here’s what to expect in July

Cardano price has breached through the 8- and 21-day moving averages. ADA price falls in free-fall fashion printing consecutive bearish candlesticks on the four-hour chart.

More Cardano News

Shiba Inu price shows concerning signals, who will conquer the trend?

Shiba Inu price shows concerning signals, who will conquer the trend?

Shiba Inu price shows concerning signals on the Volume Profile indicator. SHIB price coils within the 8- and 21-period simple moving averages. Invalidation of the downtrend is a breach above $0.00001223.

More Shiba Inu News

XRP Price Prediction: Whales in the market aim for $0.20

XRP Price Prediction: Whales in the market aim for $0.20

Millions of XRP tokens have been transported to the Bitstamp exchange. Ripple’s XRP price has breached below a critical Fibonacci Retracement tool.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis