What Bear Market? Zilliqa Rallies 116% on Agora Tie-Up
- Zilliqa’s Metaverse as a Service platform Metapolis is teaming up with Agora.
- Investors appear to have welcomed the partnership, helping ZIL rally.
- Further buying pressure could see the token surge to $0.17 or even $0.26.
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Zilliqa’s ZIL token has outperformed the rest of the market in the past 24 hours after the blockchain startup revealed a new partnership with the global talent awards app Agora.
Zilliqa Partners with Agora
Zilliqa is soaring, defying a months-long slump across the broader cryptocurrency market.
The sharding pioneer’s ZIL token has more than doubled in the past 24 hours after scoring a key partnership for its upcoming Metaverse as a Service (MaaS) platform, Metapolis.
Slated to launch in April, the new platform has been touted 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 host brands, artists, concepts, games, e-stores, real estate or other digital experiences.
Metapolis has collected $2 million in pre-launch revenue and recently partnered with the global talent awards app Agora.
In a Friday press release, Sandra Helou, Head of Metaverse and NFTs at Zilliqa, said that the partnership would “bring not only creativity to life within the Metaverse but also open borderless access for creatives worldwide to connect in the digital world.” She added that the partnership between both companies would place them at the “forefront of Web3 innovation.”
Since the announcement, investors have shown optimism about the utility that Metapolis will bring to Zilliqa. ZIL’s market value skyrocketed by 116% shortly after the partnership was announced. It’s slightly cooled off since, trading at just under $0.12. That puts the project’s market cap at about $1.6 billion.
From a technical perspective, it appears that the Tom DeMark Sequential indicator anticipated the sudden upward price action. The technical index presented a buy signal on ZIL’s weekly chart, which is now getting validated. With only a few hours before the weekly close, the token could close above the 50-week moving average, potentially signaling further gains on the horizon.
Overcoming this significant hurdle could encourage sidelined investors to re-enter the market. Another spije in buying pressure could allow ZIL to breach the $0.12 resistance level and target $0.17 or even $0.26.
Still, a spike in profit-taking could push ZIL lower before it continues surging. Failing to close the above 50-week moving average could result in a brief pullback to the 100-week moving average at $0.072 or the $0.053 support level.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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