Hi there and welcome back to Zilliqa Zebra, your YouTube channel on all things Zilliqa. It has been a turbulent week for most cryptos including Zilliqa. Let's see how Zilliqa's price will trend this week.
7 days ago, I predicted that Zilliqa price will drop if it cannot hold the Fibonacci resistance line at 20 cents. Unfortunately, due to the likely impact from Bitcoin's price, Zilliqa's price fell below this resistance and is currently trending at 17.8 cents.
Zilliqa is currently on bearish momentum by about 25% based on the last 7 days. The surprising trigger was Elon Musk's tweet last Wednesday, which led to a freefall for Bitcoin which impacted many other cryptos including Zilliqa.
As we are looking at a 7-day forecast, let's look at the 4-hour chart with Bollinger Bands featuring Fibonacci retracements to see the areas of support and resistance. 19.6 cents is the key level of support that we will need to reach for Zilliqa's price to trend higher.
If we switch to a shorter-term 15 minute chart, we can see Zilliqa's price moving between the support and resistance of 15.6 cents and 19.6 cents.
Beyond charting, the market sentiments are affecting the price of Zilliqa. This is further affected by the staking migration. There was a short-term issues with the network but was fortunately quickly resolved.
As we are still waiting for the ZIL-ETH bridge via Poly Network to be ready. This will be a major milestone as Zilliqa has comparatively lower transaction fees, which will be of great use for both the developers and the token holders. If this happens within the next 7 days we will see a strong upside. Otherwise, Zilliqa's price will trend between the current range.
I hope you have found this price prediction video useful. Happy trading, and may we all prosper together!
Zilliqa Zebra provides news, updates, how-to, guides and all things related to the Zilliqa, the first public blockchain to implement sharding on its mainnet. Zilliqa Zebra also shares weekly price predictions on Zilliqa. Zilliqa Zebra is an ardent supporter of the Zilliqa blockchain.
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