Zilliqa Price Analysis: What Next For ZIL Price Amidst Market Volatility

Zilliqa (ZIL) and Cardano (ADA) have emerged as notable smart contract-oriented public blockchains. With Zilliqa boasting a market capitalization of approximately $345 million and a reported daily traded volume of around $18 million, and Cardano not far behind, both networks have caught the attention of DeFi developers.

Zilliqa currently holds a Total Value Locked (TVL) of about $4 million, while its stablecoins market cap stands at approximately $2.47 million. On the other hand, Cardano’s TVL is around $179 million, with a stablecoins market capitalization of about $15.4 million.

One intriguing aspect that has not escaped market observers is the strikingly similar price action of ZIL and ADA since the onset of the 2022 crypto bear market.

ZIL Price Analysis

Crypto Tony, a prominent crypto asset analyst, recently weighed in on Zilliqa’s short-term price perspective. He predicts a consolidation phase, with Zilliqa’s price moving horizontally until the broader altcoin market experiences a bullish trend.

According to analyst, ZIL could potentially retest the support level ranging between $0.017 and $0.018 in the near term. Subsequently, a retest to the residence zone around $0.023 may follow in the coming months.

In light of the current market uncertainty, Crypto Tony emphasized that his optimal trade strategy involves waiting for the bulls to step in and accumulate on the lower support boundary.

A few days ago, He had anticipated a bullish scenario, expecting ZIL’s price to flip the resistance level at $0.023 and surge to new highs in 2023. However, a recent crypto dip triggered by Bitcoin’s drop below $29k has disrupted Zilliqa’s price setup.