Zilliqa (ZIL) Continues to Bleed Despite Blockchain Game Alliance Entry

Altcoins Cryptocurrency News Price Analysis
  • Zilliqa plans to boost gaming on its network as it joins the Blockchain Game Alliance
  • Though the latest drop, analysts remain optimistic about ZIL, considering the pullback a healthy retracement.
  • For now, experts predict rallies for the altcoin.

Zilliqa’s price recorded a double-digit loss over the past day despite the project joining the Blockchain Game Alliance. Though that presents a bearish outlook, analysts remain optimistic about ZIL, predicting trend reversals after the pullback.

Zilliqa Price Readies for a Comeback

Zilliqa price contemplates recoveries following updates on its blockchain platform. Proponents revealed two crucial reasons supporting ZIL price rallies. First and foremost, the alternative asset management company Valkyries Investment declared launching a new trust that incorporates Zilliqa (ZIL) and layer1 cryptos such as MATIC, Terra, Binance Coin, and Avalanche.

For now, Valkyries covers and tracks several digital tokens, something that fueled a bullish narrative among cryptocurrency investors.

Another catalyst is Zilliqa latest Blockchain Game Alliance entry. The project plans to revolutionize the future of blockchain gaming. Meanwhile, Zilliqa’s gaming veterans plus e-sports collaborations may improve utility and enhance adoption.

Zilliqa declared its Mettaverse entry with some leading game development tools in December 2021. The update triggered a lucrative sentiment among ZIL investors and holders, translating to upside price movements for the alt.

Analysts evaluated ZIL price trends and projected rallies for the crypto. A known crypto analyst, @DebayaSen, trusts the crypto boasts lucrative fundamentals, and ZIL may see a surge after the latest downswing. Zilliqa lost nearly 10% from its latest peaks and seemed ready for uptrend resumption.

While publishing this article, Zilliqa trades on a downward spiral, changing hands with an 8.45% 24-hour loss at $0.1136. the crypto seems weak and might extend the downward price action in the near term. Moreover, its market cap plunged by 8.38% to $1,440,951,509.

ZIL’s bearish outlook emerges as the broad market sees downward actions. The global crypto market capitalization lost 2.78% over the past 24 hours, hovering near $1.87 trillion at this publication. Also, Bitcoin stretched its leg down, staying at $40,278, losing 3.7% within the past day. Maintaining such an outlook could delay Zilliqa’s anticipated revival.

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