Zilliqa’s blockchain game alliance fails to put a stop to bleeding ZIL price

Zilliqa joined the Blockchain Game Alliance to further gaming on its platform.
Despite the recent pullback, analysts remain bullish on Zilliqa and consider it a healthy correction.
Analysts remain bullish on Zilliqa, despite the recent pullback and predict a rally in the altcoin.

Ekta Mourya FXStreet

Zilliqa price has posted double-digit gains overnight as the project joins the Blockchain Game Alliance. Analysts believe Zilliqa’s pullback could be followed by a trend reversal.

Zilliqa price prepares to make a comeback

Zilliqa price is on track to recover with massive updates in the blockchain network. Proponents have identified two key reasons for a Zilliqa price rally. The first is Valkyrie Investments, an alternative asset management firm, announced the launch of a new trust that includes Zilliqa and layer-1 cryptocurrencies like Avalanche, Binance Coun, Terra and MATIC.

Valkyrie now covers and tracks the value of a basket of cryptocurrencies, and the move has fueled a bullish sentiment among investors.

The second reason is Zilliqa’s recent entry into the Blockchain Game Alliance (BGA). Zilliqa is set to define the future for blockchain-based gaming. Zilliqa’s e-sports partnerships and network of gaming veterans could drive the utility and adoption of the token higher.

ANNOUNCEMENT

We've officially joined the Blockchain Game Alliance (BGA)! Zilliqa now has a hand in defining the future for blockchain-based gaming — with the support of our passionate #Zilliqans, esports partners, and growing team of gaming veterans!https://t.co/ahM5xABUeH pic.twitter.com/A8OzfWXqua
— Zilliqa (@zilliqa) April 19, 2022

In December 2021, Zilliqa announced its entry into the metaverse with some of the best game development tools. This update fueled a positive sentiment among holders and investors of Zilliqa and fueled a price rally in the altcoin.

Analysts have evaluated the Zilliqa price trend and predicted a rally. @DebayaSen_, a leading crypto analyst, believes Zilliqa fundamentals are good, and the cryptocurrency could witness a spike post the recent pullback. Zilliqa corrected 10% from its high and is ready to resume its uptrend.

$ZIL fundamentals are good enough and it will see an upmove with time but in order to become a successful trader one has to understand why it corrected 17% from highs yesterday which gave a suitable opportunity to short.#cryptocurrecy #Zilliqa #zilusdt pic.twitter.com/yccDCuB1pm
— Debayan Sen (@DebayanSen_) April 22, 2022

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.