Altcoin project Zilliqa (ZIL) has formed a new partnership with Agora, the blockchain startup’s global talent rewards app, for its metaverse move. ZIL has outperformed the rest of the market in the last 24 hours, with the impact of the news.
Agora partnership and metaverse move from Zilliqa
Zilliqa is rising and defying a months-long dip in the broader cryptocurrency market. The sharding pioneer’s token has more than doubled in the past 24 hours after signing a key partnership for the upcoming Metaverse as a Service (MaaS) platform Metapolis.
The new platform, scheduled for release in April, is launched as an immersive, gamified XR Metaverse experience. According to a Zilliqa blog post, it will allow ‘conceptually rich and custom-designed domes as part of cities’ to house brands, artists, concepts, games, e-shops, real estate or other digital experiences. As we reported on Kriptokoin.com, Metapolis has raised $2 million in pre-launch revenue and has recently partnered with global talent rewards app Agora.
Since the announcement, investors have been optimistic about the benefit Metapolis will bring to Zilliqa. ZIL’s market value rose 116% shortly after the partnership was announced. It has since cooled a bit, trading just under $0.12. This puts the market value of the project at around $1.6 billion.
What do the technical indicators say for the altcoin?
From a technical standpoint, the Tom DeMark Sequential indicator seems to predict a sudden upward price move. The indicator gave a buy signal on ZIL’s weekly chart, which is currently being verified. Just hours before the weekly close, the token could close above the 50-week moving average, potentially signaling more gains on the horizon, according to analysts.
Analysts say that breaking this important hurdle may encourage marginal investors to reenter the market, and that another attack in buying pressure will allow ZIL to break past the $0.12 resistance level and hit $0.17 or even $0.26. states that you can allow targeting.
Still, an increase in profit taking could push ZIL down before continuing to rise. Analysts remind that if the above 50-week moving average fails to close, it could result in a short pullback of the 100-week moving average to the $0.072 or $0.053 support level.
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