What Bear Market? Zilliqa Rallies 116% on Agora Tie-Up

Zilliqa’s ZIL token has outperformed the remainder of the market prior to now 24 hours after the blockchain startup revealed a brand new partnership with the worldwide expertise awards app Agora. 

Zilliqa Companions with Agora

Zilliqa is hovering, defying a months-long stoop throughout the broader cryptocurrency market.

The sharding pioneer’s ZIL token has greater than doubled prior to now 24 hours after scoring a key partnership for its upcoming Metaverse as a Service (MaaS) platform, Metapolis.

Slated to launch in April, the brand new platform has been touted as an immersive, gamified XR Metaverse expertise. In line with a Zilliqa weblog publish, it will enable “conceptually-rich and custom-designed domes as a part of cities” to host manufacturers, artists, ideas, video games, e-stores, actual property or different digital experiences. 

Metapolis has collected $2 million in pre-launch income and lately partnered with the worldwide expertise awards app Agora.  

In a Friday press launch, Sandra Helou, Head of Metaverse and NFTs at Zilliqa, stated that the partnership would “deliver not solely creativity to life inside the Metaverse but in addition open borderless entry for creatives worldwide to attach within the digital world.” She added that the partnership between each firms would place them on the “forefront of Web3 innovation.” 

Because the announcement, traders have proven optimism concerning the utility that Metapolis will deliver to Zilliqa. ZIL’s market worth skyrocketed by 116% shortly after the partnership was introduced. It’s barely cooled off since, buying and selling at just below $0.12. That places the challenge’s market cap at about $1.6 billion. 

Overcoming Resistance 

From a technical perspective, it seems that the Tom DeMark Sequential indicator anticipated the sudden upward value motion. The technical index introduced a purchase sign on ZIL’s weekly chart, which is now getting validated. With only some hours earlier than the weekly shut, the token might shut above the 50-week shifting common, doubtlessly signaling additional good points on the horizon.  

Overcoming this important hurdle might encourage sidelined traders to re-enter the market. One other spije in shopping for stress might enable ZIL to breach the $0.12 resistance degree and goal $0.17 and even $0.26.

Nonetheless, a spike in profit-taking might push ZIL decrease earlier than it continues surging. Failing to shut the above 50-week shifting common might end in a quick pullback to the 100-week shifting common at $0.072 or the $0.053 help degree. 

Disclosure: On the time of writing, the creator of this piece owned BTC and ETH.