Zilliqa ZIL price has had a rough few days after the surprise announcement of the Fed. ZIL price is looking for some support and that might come in sight.

Not just ZIL is in a very sharp downward trend. Overall momentum is shaking up the crypto market with the Chinese government issuing further details on their plan to block cryptocurrency from entering China. Bitcoin BTC as well has had its fair share of losses these past few days.

Zilliqa price trends lower along with the crypto market

Next to that, we have had the US Federal Reserve Bank shooking overall market sentiment by penciling in 2 rate hikes for 2023. Earlier in 2021, the Fed calmed the markets were no issues with rising inflation and the FOMC was more than happy to let inflation overshoot. However, the recent dot-plot-projections show that the Fed is backtracking now and does look worried over price inflation.



All risk-on Crypto assets have had a turbulent past few days, yet general sentiment looks to be stabilizing. So, time to pick up some Zilliqa ZIL?

Zilliqa's price has been on a downward trend recently, but we appear to be coming near a double bottom around a price of $0.06.

Back in February, this area held nicely, and it should maintain for now. Additionally, Zilliqa ZIL's RSI is in oversold mode on the 12-hour price chart, which could point to an end of this correction.

Keep in mind though that the death cross formed with the 55 and the 200 DMA is still something to watch for and further price downside potential is still there.

Ethereum Classic price is at the crossroads of indecision

Zilliqa price chart discloses some encouraging support