The cryptocurrency market has not made many gains for most of this month. As the market remains undecided on whether to enter a full bear or bull cycle, there are tokens showing signs of making a strong uptrend, and one of these is Zilliqa (ZIL/USD).
Zilliqa is one of the cheapest tokens in the cryptocurrency market, but it can make major price gains because of a string use case.
Zilliqa attempts a bold uptrend
Over the past week, Zilliqa has garnered much buyer support that has signalled that the token could be headed towards notable price gains in the future. Its weekly gains stand at around 20%, which is a significant price movement on account of the overall bearish trend.
If the gains progress, Zilliqa could push towards the resistance level of $0.084. The highest level reached during the past 24 hours is $0.083; hence, there is a potential that a break out will happen.
While the market took a major dive on Wednesday, it is currently attempting a rebound, and this could happen soon if buyers accumulate more tokens. In this case, Zilliqa could also benefit from the market uptrend, pushing past major resistance levels.
Despite the growing volatility, Zilliqa has maintained a bullish trend since late December, which could progress towards the beginning of next year. The uptrend could be because the token’s dip has reached exhaustion, given that it has been on a losing streak since October.
Bears are still in play
While the price movement shows that Zilliqa could be primed for a bull run, there is also a bearish trend in the market. This is one of the major hindrances to Zilliqa maintaining the up streak that it has made during the past few days.
The dips could be caused by Zilliqa failing to maintain the false break it has made. This could prompt the altcoin to test the support levels at $0.078. If it fails to hold this level, Zilliqa could push lower towards $0.076. A dip at this point is more likely, given that buyers are staying away from the market.