Hi there and welcome back to Zilliqa Zebra, your YouTube channel on all things Zilliqa. The turbulent week for the cryptocurrency market continues this week. Let's see how this may impact Zilliqa's price for the next 7 days.
7 days ago, I predicted that Zilliqa price will hover around 16 cents. Unfortunately, a series of negative news from China has cause a freefall in all cryptocurrencies, and Zilliqa is not spared either.
Before I continue, dont' forget to like and subscribe to Zilliqa Zebra for your weekly price prediction forecast.
If we look at the 15 minute chart, you can see the movement of Zilliqa corresponding to that of Bitcoin in general. We saw a major dip on the 20 May, which recovered slightly before another dip on 24 May
The first trigger from China was the news to ban financial, payment institutions from providing services related to cryptocurrency transactions, as a warning to speculative crypto trading.
The second trigger was China's crackdown on bitcoin mining and trading, which hammered digital currencies amid heightened global regulatory scrutiny.
Nevertheless, HSBC's global head of FX research Paul Mackel says that China's recent move to tighten crypto regulation is not a new development.
In any case, Cryptocurrency exchange Huobi and others have stopped its miner hosting services on mainland China and is scaling back services and products in some markets
At the current moment, Zilliqa's price is up by 8% to $0.095 as Bitcoin's price also start to creep up. While some retail investors are exiting the market, others are happy to ride the turbulence and trade around it.
The prediction for the next seven days will be rather difficult, but bearing no further negative news, and if Zilliqa's price can cross the 10.5 cents mark there is a possibilty for it to go towards the 15 cents mark.
Till next week, stay safe!
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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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