Digital Assets
Zilliqa (ZIL) Starts Recovering After Hitting Bottom at $0.05: Can it Go Back to the Top 100 List?
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The Christmas Day of 2021 has arrived, and the crypto industry is trading mostly in the green. With that said, there are certain coins that are struggling to grow, kept back by strong resistance levels. One example of this is Zilliqa (ZIL), a coin that has seen rather high levels earlier this year but is now struggling to return back up.
Zilliqa is one of the high throughputs blockchains whose main goal is to remove the issue of blockchain scalability from the list of the biggest problems that the crypto world has to face, and it does it by utilizing sharding as a second-layer scaling solution. The project also started working on its own crypto metaverse, recently announcing the development of a #highl immersive and gamified” extended reality (XR) platform known as Metapolis. Unfortunately, this did not help boost its price just yet.
ZIL price until now
One thing to note is that ZIL is not a very old project, but it is neither particularly new. It was launched in January 2018, so it does have a few years behind it already. It was launched in the final days of the bull run that dominated 2017 and the first few weeks of 2018, with a price of $0.12.
Immediately after launch, however, it crashed with the rest of the crypto industry that entered the free fall mode, ending up at $0.03 by early April 2018. At that point, the bear market was briefly replaced by the bullish one, and while everyone believed that the crypto winter had just ended for good, ZIL actually managed to make a comeback, and skyrocket all the way up to $0.20.
As soon as the bearish market returned, however, the coin started crashing down again, and the drop did not stop for a long time. In fact, ZIL kept going down from May 9th, 2018 until March 2020. There were a few instances during which its price was growing briefly between these two points in time, but the project’s chart shows that those were simply momentary trends, where the project was affected by the changes that dictated the behavior of the entire market.
However, following the start of the COVID-19 pandemic, ZIL started seeing recovery, which allowed it to start challenging resistances, and by late 2020, the project’s price started seeing real, major growth.
ZIL in 2021
ZIL’s real progress came in 2021, with the project’s surge starting in early November 2020, at the price of $0.01, and ending on April 16th, 2021, when it reached the price of $0.2376. This was ZIL’s all-time high, and immediately after reaching it, the coin’s price corrected to $0.14, only to skyrocket again, this time even higher, and hit $0.2563 on May 7th.
After it hit this height, ZIL price crashed again, dropping all the way down to $0.08 only two weeks later. Ever since then, the coin has seen large fluctuations which had it go up and down between the resistance at $0.12 and a support at $0.08.
In December 2021, the project has spent most of its time below this level, at $0.058, but in the last 5 days, it actually started to grow once more, and its price went from $0.058 to $0.076.
At the time of writing, it is once again slightly below, currently sitting at $0.07305, with another small growth pushing it back up. In other words, ZIL will not have a particularly successful end of the year, but it could still see a significant increase in the last 7 days of this year, and potentially go back up to its higher levels in early 2022, especially given the fact that it is engaging in the hottest trend right now, which is the metaverse.
