Bitcoin which is ranked at the top by its market capitalization has been beaten up by a 39th ranked altcoin Zilliqa (ZIL) which has recorded a massive price growth since the month of March when the whole crypto market faced a severe price crash. Zilliqa coin has gained a total of 950% since the March price crash which is comparatively more than that of the leading digital asset Bitcoin.
ZIL rallied from $0.0022 to $0.02
When the price crash occurred in mid-March, the entire cryptocurrency market suffered from big losses. Though the price crash was disastrous for top digital coin Bitcoin because it went down as low as $4k, the Zilliqa could not escape the crash as well. The price of ZIL even hit its bottom at $0.0022 which was the lowest value for the coin at that time.
It was difficult for ZIL to recover the loss. However, the coin has recovered massively in the previous months by showing a strong bullish rally of 950%. Zilliqa (ZIL) price rallied from the $0.0022 level to the $0.02 where it is currently residing.
Where Zilliqa stand now?
Though Zilliqa has been outperforming till now, it has now entered into a critical zone where it is currently facing a strong resistance which is halting the coin from making a move further in the upward direction. This means that the ZIL price has got stuck in this resistance zone.
The resistance lies in the range between $0.022 and $0.025 which seems to have put an end to the previous bullish rally of the coin. To start a new rally like the previous one, the Zilliqa coin needs to come out of this area with the help of bulls. The key support levels for the coin are $0.012, and $0.015.
Both Zilliqa and Bitcoin can be found to be struggling at the moment. Zilliqa is looking for a way to pass through the resistance area where it is trapped at the moment while Bitcoin is trying to reclaim the $10K level.