The price of Zilliqa (ZIL) has slipped below the $0.0040 mark at the time of recording on Friday, reflecting a clear weakness in market movements. On-chain data along with derivative indicators all leaned towards a negative scenario, while increasing selling pressure suggests the risk of a deeper correction in the upcoming sessions.
On-chain and derivative data reinforce the downward trend
A compilation of data from CryptoQuant shows the less-than-positive outlook for Zilliqa as indicators uniformly lean towards a downward trend. The chart reflects a state of “overheating” along with the dominance of bears in the futures market, thereby increasing the risk of a short-term correction.
Developments from Santiment continue to reinforce this picture. The Social Dominance index – a measure of the level of discussion about ZIL on cryptocurrency media platforms – has continuously declined since mid-March, falling to 0.003% on Thursday. This indicates that interest and market sentiment towards ZIL are gradually weakening.
ZIL social dominance chart | Source: Santiment
In the derivatives market, the funding rate turned negative, reflecting the increasingly pessimistic sentiment among traders. The -0.014% recorded on Thursday shows that bears (shorts) are willing to pay fees to bulls (longs), further reinforcing the argument for ZIL’s downward trend.
ZIL funding rate chart | Source: Coinglass
Zilliqa price forecast: bears are controlling the trend
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