Key Insights:
- On Wednesday, Zilliqa (ZIL) surged by 76% as investors responded to Metaverse-linked news.
- Last Friday, Metapolis announced a brand partnership with Agora.
- Technical indicators are bullish, supporting a move through to $0.25 levels.
Zilliqa (ZIL) surged by 76.26% on Wednesday. Following a 4.26% gain on Tuesday, ZIL ended the day at $0.1812. It was the fourth daily rise in 5-sessions.
The upward trend continued through this morning, with broader crypto market sentiment delivering support.
Metaverse Chatter Delivers ZIL Support
On Tuesday, Zilliqa announced a new Metapolis partnership. Powered by layer-1 blockchain Zilliqa, Metapolis will partner with Agora.
Agora is a talent awards app, enabling users to upload their creations and participate in contests. Participants can win support, visibility, and recognition worldwide.
Metapolis will launch at a VIP event in Miami on April 2, 2022.
According to the announcement, Metapolis has amassed $2m in pre-launch revenues from pipeline clients.
Metapolis is the first metaverse-as-a-service (MaaS) platform, enabling brands and clients to create digital locations that suit their needs.
ZIL Price Action
At the time of writing, Zilliqa was up by 0.72% to $0.1825.
A bullish start to the day saw ZIL surge to a morning high of $0.2202. ZIL broke through the First Major Resistance Level at $0.2111 before easing back.
Technical Indicators
SOL will need to avoid the $0.1548 pivot to make another move through the First Major Resistance Level at $0.2111.
Bullish broader market sentiment would support a breakout from the morning high of $0.2202 to test resistance at $0.2250.
In the event of another extended rally, ZIL should test the Second Major Resistance Level at $0.2410 and resistance at $0.2500. The Third Major Resistance Level sits at $0.3271.
A fall through the pivot would bring the First Major Support Level at $0.1248 into play. Barring an extended sell-off throughout the day, ZIL should avoid sub-$0.10. The Second Major Support Level sits at $0.0685.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. ZIL currently sits above the 50-day EMA at $0.1082. This morning, the 50-day EMA pulled away from the 100-day EMA. We also saw the 100-day EMA pull away from the 200-day EMA.
ZIL would need to steer well clear of sub-$0.1250 and the 50-day EMA to support a move through $0.2500.
