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Tokens in the metaverse soared on Monday as the ability to smell entered the Metaverse. As a result, metaverse tokens rallied with Zilliqa price soaring as much as 50% leading crypto gains at the start of the week. This was followed by the Sandbox (SAND) which rose 14.34% to trade at $0.5189, Decentraland (MANA) was up 13.5% to $0.4 while ApeCoin climbed 11.5% to exchange hands at $4.67.
Sense Of Touch And Small Come To The Metaverse
According to a McKinsey & Company report, the success of the metaverse hinges on the development of human aspects of the virtual reality (VR) world that enhances user experience. One of these advancements is the integration of a sense of touch and smell into the metaverse experiences. These were recently showcased at the Consumer Electronics Show (CES) 2023 by metaverse-focused companies.
OVR Technology, one of the firms based in Vermont USA, reportedly showcased a VR headset with a container holding eight primary aromas that can be mixed together to create various scents. The virtual reality headset is set to be launched in the last quarter of 2023.
The CEO of OVR Technology Aaron Wisniewski said:
… extended reality will soon be integrated with commerce, entertainment, social connection, education, and well-being. … (the) scent gives these experiences “unmatched power.
The CES took place between January 5 and 8 in Las Vegas,
Zilliqa Price Rallies 60% In 4 Days, Where Next ZIL?
ZIL price displayed an impressive performance over the weekend rising from $0.0172 climbing 60.46% to brush shoulders with $0.028. This rally took place between January 6 and 9, the same time the CES event was taking place.
At the time of writing, the Zilliqa price was trading at $0.0246 and was still up 9.12% on the day, according to data from CoinMarketCap and TradingView. The metaverse token was sitting on immediate support at $0.0242, embraced by the 100-day simple moving average (SMA). A daily candlestick close above the level would signal strength amongst the buyers and their ability to sustain the uptrend.
This would propel the Zilliqa price higher toward the $0.0278 range high or higher to tag the $0.030 psychological level. This could be where ZIL’s upside may be capped for the near term.
ZIL/USD Daily Chart
Zilliqa’s bullish outlook was supported by the upward trajectory of the relative strength index (RSI). The momentum strength at 77 suggested that there was still more room for the upside. In addition, the altcoin was trading in a fifth straight bullish session and the 50-day SMA had begun tipping upwards, reinforcing the buyer’s grip on ZIL.
Moreover, the SuperTrend indicator was still positive after sending a buy signal when it turned bullish and moved below the price on Sunday. As long as this chart overlay indicator remains below the price, Zilliqa will continue to rise.
On the downside, the RSI’s position in the overbought region suggested that the current bullish momentum may soon run out of steam occasioning a trend reversal. As such, a daily candlestick close below the 200-day SMA would mean that the buyers are unable to sustain the higher levels. The price could then drop lower with the first line of defense emerging from the 38.1% Fibonacci retracement level at $0.0229. Additional areas of support are found at the 50% retracement level at $0.0213, the 0.0198 level where the 62% extension level and the 50-day SMA meet.
Breaching these levels could see the ZIL price drop toward the 79% Fibonacci retracement level at $0.0177 or a full retracement to the $0.0153 swing low.
Dash 2 Trade (D2T): A Good Alternative To Zil In 2023
Dash 2 Trade is a new and comprehensive intelligence trading platform built on the Ethereum blockchain. Set to launch in the next few months, it will provide real-time analytics and social trading data, giving investors of all levels of experience all the resources and tools they could need to make more informed trading decisions.
The sale of its D2T token has raised over $15 million in pre-sale and the Dash 2 Trade team is now running an overfunding round with only one day left before D2T lists on January 11. Listings on BitMart, Changelly Pro, and LBANK Exchange have already been confirmed with more exchanges set to follow.
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