During yesterday’s trading session, one of the most sudden, fastest and biggest spikes in the cryptocurrency market occurred. Because the coin, which was released in 2018, increased by 100% on a 24-hour basis and broke every possible resistance on the daily chart.
According to market data, BELLreached as high as $0.1187, a price the crypto industry tested in November 2021, when the crypto industry overall was at its peak. It is possible to associate such a sudden rise with both market and speculative and fundamental factors.
Core updates and community growth
As the project’s official Twitter account indicates, they didn’t make any major updates during the massive upswing in the market. The only major event the market may have reacted to is a Metaverse platform powered by the Ziliqa blockchain. metapolisis the release of .
The project could be joining the Metaverse trend, targeting large institutional and private investment inflows as it remains one of the most demanded technologies in the digital asset market.
Technical reasons behind growth and possible market speculation
While fundamental factors often act as the strongest growth fuel, speculation in the cryptocurrency market may be the main reasons behind such strong growth of the cryptocurrency.
As revealed by technical indicators such as the exponential moving averages, the coin has been stuck in a sharp downtrend in recent months without any signs of recovery. There has been a spike in the last 24 hours, indicating that the increase was not instantaneous and was most likely supported by retail traders.
At press time, ZIL is trading at a local top of $0.11.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.