On June 10, Zilliqa announced the launch of its smart contracts on the platform. Via the official blog, the platform spoke about the benefits of this new development to the blockchain infrastructure industry. The launch would allow developers to use the platform to write and deploy smart contracts on the blockchain. The smart contract language used on the platform is called Scilla. What does this mean for Zilliqa price prediction?
For our Zilliqa price forecast, the charts show that in the short-term, there’s a downtrend for the digital asset. While for the medium-term, the outlook is range-bound. In the long term, ZIL price is Bullish. It appears the coin is in for an uneven period in the market. How did it get here? Let’s see Zilliqa’s trade action below.
Zilliqa (ZIL) Price Today – ZIL / USD
Zilliqa Price Prediction 2019: The Price of Zilliqa is Ranging in the Medium-term Outlook
Following trade action of the digital asset, the supply positions for the coin were discovered at $0.02500, $0.02600, and $0.027000 regions. While for the demand areas it reached $0.01600, $0.01500, and $0.014000.
For the medium-term outlook, the ZIL/USD pair continues in its range-bound market that began sessions ago. Although the bullish pressure was reportedly sustained with a break at the upper supply region on June 6. The ZIL/USD pair rose to the $0.02633 price position in the supply region before getting exhausted with spinning top formation.
Zilliqa Price Prediction 2019: Zilliqa Price Consolidated at $0.023000
After this, the bears returned with the break after the 10-EMA support position was attained. Zilliqa price dropped to $0.02214 initially and later to $0.02091 as the trade session ended yesterday. The ZIL/USD pair was back in range zone as the crypto continues its actions from previous sessions.
Now the ZIL/USD pair is in consolidation. It’s trading between the $0.023000 position in the upper supply region and at the $0.018480 position in the lower demand region ranging. A break at the upper supply region or even a breakdown at the lower position may occur. This is the reason why patience is essential.
Zilliqa Price Prediction 2019: Zilliqa Price is Bearish in the Short-term Outlook
The crypto is currently in a bearish trend for its short-term outlook. The bulls attempt to push Zilliqa price higher at this pattern met a bounce as a result of rejections and the gradual return of the bears.
The bulls hold control of the ZIL/USD market at $0.02091 for the demand point according to the hammer formed in the area. The ZIL/USD pair rose to the pattern at $0.0207. The wicks formation implied that the bears are gradually taking over. A bounce to the downside is imminent.
The $0.02050 position attained in the demand region is up for a retest as Zilliqa’s bearish momentum is set to increase in the short-term. Any selling opportunity within this key area should be considered.
According to data from Coin market cap, the price of Zilliqa was trading at $0.0232 as of press time. The digital asset had a market cap of $201.27 million and 24-hour trade volume of $19.49 million. Will things get better for Zilliqa? Yes, the recent development will push the price of ZIL and this is why the long term outlook of the token is bullish. How high can Zilliqa go?