What bear market? Zilliqa recovers 116% in Agora Tie-Up

key takeaways

  • Zilliqa’s Metaverse as a Service platform, Metapolis, is partnering with Agora.
  • Investors seem to have welcomed the partnership, which has helped ZIL recover.
  • Further buying pressure could see the token rally 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 awards app Agora.

Zilliqa partners with Agora

Zilliqa is soaring, defying a months-long slump in the broader cryptocurrency market.

The sharding pioneer’s ZIL token has more than doubled in the last 24 hours after landing a key partnership for its upcoming Metaverse as a Service (MaaS) platform, Metapolis.

Scheduled to launch in April, the new platform has been touted as an immersive, gamified XR Metaverse experience. According to a Zilliqa blog post, will allow “conceptually rich, custom-designed domes as part of cities” to house brands, artists, concepts, games, e-shops, real estate, or other digital experiences.

Metapolis has raised $2 million in pre-launch revenue and recently partnered with the Ágora global talent awards app.

On a press release on fridaySandra Helou, Head of Metaverse and NFT at Zilliqa, said the partnership “would bring to life not only the creativity within the Metaverse, but also open up borderless access for creatives around the world to connect in 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 utility Metapolis will bring to Zilliqa. ZIL’s market value soared 116% shortly after the partnership was announced. It has cooled off a bit since then, trading at just under $0.12. That puts the project’s market capitalization at around $1.6 billion.

Overcoming the Resistance

From a technical perspective, it appears that the Tom DeMark Sequential Indicator anticipated the sudden bullish price action. The technical index gave a buy signal on the weekly ZIL chart, which is now being validated. With only a few hours left before the weekly close, the token could close above the 50-week moving average, which could signal more gains on the horizon.

Overcoming this major hurdle could encourage marginalized investors to re-enter the market. Another spike in buying pressure could allow ZIL to break the $0.12 resistance level and target $0.17 or even $0.26.

Zilliqa Price Chart
Source: TradingView

Still, a surge in profit-taking could push ZIL lower before it continues to rise. Failure to close from the previous 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 article owned BTC and ETH.

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