Zilliqa was a long-forgotten project with almost no volatile price action in the last month until today
One of the most sudden, fastest and largest price spikes occurred in the cryptocurrency market during yesterday’s trading session, as the 2018 coin rose 100% in terms of hours, breaking all possible resistance on the daily chart as suggested by TradingView and CoinMarketCap. .
According to market data, ZIL reached $0.08—a price that the market saw back in November 2021 when the crypto industry in general was at its peak. We could tie such a sudden spike to both market, speculative and fundamental factors.
Foundational updates and community growth
As the project’s official Twitter account suggests, they haven’t made any major updates during the massive market pump. The only major upcoming event that the market has been able to react to is the launch of Metapolis, a Metaverse powered by the Ziliqa blockchain.
By joining the Metaverse trend, the project may aim at large institutional and private inflows of investments as it remains one of the most highly demanded technologies on the digital assets market.
Technical reasons for growth and possible market speculation
While fundamental factors often act as the strongest growth engine, speculation in the cryptocurrency market and various illegal trading schemes can be the main reasons for this strong cryptocurrency growth.
As technical indicators like exponential moving averages suggest, the coin remained in a sharp downtrend in recent months with no signals for recovery. A spike to $0.09 happened in nine hours of trading, which shows that the spike was not momentary and was most likely supported by retail traders.
At press time, ZIL is trading at $0.092 after falling 8% from the local high of $0.1.
