Is Zilliqa a good investment opportunity in July 2021?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Jun 22, 2021
  • Zilliqa (ZIL) continued its fall and reached a new monthly low below $0.060 this Tuesday
  • Bears remain in the control of price action
  • If the price falls below $0.050 support, we have the open way to $0.030 or even to $0.020

The cryptocurrency market continues to be under pressure, the price of Bitcoin went below $30000 support this Tuesday, and the risk of further declines is not over yet. Zilliqa ZIL/USD is also losing its value, and in less than several days, this cryptocurrency price has weakened from $0.12 below $0.060, and the current price stands around $0.070.

Fundamental analysis: Zilliqa is a scalable and secure platform for developers

Zilliqa is a scalable and secure platform for developers who want to build decentralized applications while allowing them to launch smart contracts using the blockchain’s own programming language, Scilla. With a team of experienced scientists, engineers, venture creators, and industry experts, the main goal of this project is to transform digital infrastructure across all global communities and industries.

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Zilliqa is the world’s first public blockchain built entirely on a sharded architecture, and it is important to say that Zilliqa diverges from Bitcoin and Ethereum networks because everything goes much quicker. The platform’s native cryptocurrency is ZIL, and around one minute out of every two to three hours is needed to mine ZIL.

The fees on Zilliqa are extremely low, and this platform can scale to meet the needs of a growing ecosystem in the best possible way. As a result, Zilliqa has experienced tremendous growth in its user activity this year, and the price of this cryptocurrency reached a record high above $0.25 on 06th May.

Since then, the price has collapsed, and traders remain concerned that it may take a long time for prices to see any more significant recovery.

“Any asset class which sees a meteoric rise in the same way as we have seen in crypto is expected to correct. The situation in China has perhaps exacerbated this, along with the increased rate of adoption of altcoins by new users, following tweets of various crypto personalities,” said Iqbal Gandham, vice president of transactions at Ledger, a digital asset management solution.

The cryptocurrency market is losing its value this Tuesday, the price of Zilliqa can weaken even more in the upcoming weeks, and probably it is not the best moment to invest in this cryptocurrency.

Technical analysis: Bears remain in the control of price action

Zilliqa (ZIL) continued its fall and reached a new monthly low below $0.060 this Tuesday, while the current price stands around $0.070. Zilliqa could weaken even more in July 2021, and if you decide to trade this cryptocurrency, you should always use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The critical support level stands at $0.050, and if the price breaks it, the next price target could be around $0.030 or even $0.020.

Summary

The cryptocurrency market remains under pressure; Bitcoin went below the $30000 support this Tuesday, which also negatively influences the price of Zilliqa (ZIL). Zilliqa could weaken even more in July 2021, and if the price falls below $0.050 support, it would be a firm “sell” signal, and we have the open way to $0.030 or even to $0.020.

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