Zilliqa price rises sixfold after promising a grand entry into the metaverse sector.
accompanied by nonfungible tokens . In November 2021, Facebook's parent company also changed its name to Meta Platforms Inc. to show its new focus on applications in a virtual universe.
Zilliqa shared its plans to tap the booming sector via Metapolis, revealing that it had already"amassed $2 million in pre-launch revenues from its client pipeline," including Agora, a digital art platform that would host a virtual award event on the Zilliqa metaverse. ZIL, which serves as a utility token inside the Zilliqa ecosystem to execute smart contracts and cover transaction fees, appears to be benefiting from the
. Nonetheless, from a technical perspective, the coin has rallied too much, too quickly to sustain its profits near the local highs.Zilliqa has become an “overbought” asset on both its daily and weekly period charts, according to its relative strength index readings above the threshold of 70, as of March 31.ZIL experienced a selloff upon nearing its interim resistance level of $0.235, also the 1.0 Fib line of the Fibonacci retracement graph — drawn from $0.235-swing high to the $0.037-swing low.
As such, the ZIL/USD pair dropped by over 12% to test the 0.786 Fib line near $0.193 as interim support, and eyed further downside momentum with its RSI still above '70.'
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