Key points to remember
- Zilliqa’s Metaverse as a Service platform, Metapolis, partners with Agora.
- Investors seem to have welcomed the partnership, helping ZIL rally.
- Further buying pressure could push the token up 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 global talent rewards app Agora.
Zilliqa partners with Agora
Zilliqa is surging, defying a months-long slump in the broader cryptocurrency market.
The sharding pioneer’s ZIL token has more than doubled in the past 24 hours after securing a key partnership for its upcoming Metaverse-as-a-Service (MaaS) platform, Metapolis.
Scheduled to launch in April, the new platform was billed as an immersive and playful XR Metaverse experience. According to a Zilliqa blog post, it will allow “concept-rich, custom-designed domes within the framework of cities” to house brands, artists, concepts, games, online stores, real estate or other digital experiences.
Metapolis raised $2 million in pre-launch revenue and recently partnered with the global talent rewards app Agora.
In a Friday press release, Sandra Helou, Head of Metaverse and NFTs at Zilliqa, said the partnership “would not only bring creativity to life within the metaverse, but also open up borderless access for creatives around the world to connect to the digital world”. She added that the partnership between the two companies would put them at the “forefront of Web3 innovation”.
Since the announcement, investors have been optimistic about the usefulness that Metapolis will bring to Zilliqa. ZIL’s market value skyrocketed 116% shortly after the partnership was announced. It has since cooled slightly, trading at just under $0.12. This puts the project’s market capitalization at around $1.6 billion.
Overcome the Resistance
From a technical point of view, it seems that the sequential indicator Tom DeMark anticipated the sudden price increase. The technical index presented a buy signal on ZIL’s weekly chart, which is now being validated. With just a few hours until 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 marginalized investors to re-enter the market. Another spike in buying pressure could see ZIL break through the $0.12 resistance level and target $0.17 or even $0.26.
Still, a spike in profit taking could drive ZIL lower before it continues to soar higher. Failure to close the 50-week moving average above could result in a brief pullback towards the 100-week moving average at $0.072 or the $0.053 support level.
Disclosure: At the time of writing this article, the author of this article owned BTC and ETH.
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