Increase in ZIL Value
In the crypto-sphere, price fluctuations are a common occurrence and can be influenced by various factors. Recently, the Zilliqa network token (ZIL) has seen an increase in its value over the past day. Based on data obtained from CoinMarketCap, there has been a notable increase of 10.13% in the value of ZIL over the previous 24 hours. This surge has positioned ZIL as the highest gainer of the day.
Zilliqa Network Upgrade Now Underway
As seen on a tweet from Zilliqa’s official Twitter account made on July 5, the launch of mainnet network upgrade version 9.2 has begun as planned. The upgrade of the network is expected to provide essential enhancements to the Zilliqa ecosystem. One of these anticipated improvements is increased compatibility between the Scilla – Zilliqa’s designed smart contract language – and the widely-used Ethereum Virtual Machine (EVM).
The Zilliqa network upgrade also aims to improve aspects related to:
- Security
- Functionality
The upgrade strives to accomplish these goals by:
- Extending support for third-party EVM contracts
- Ensuring full backward compatibility with all existing Scilla (v0.13.3) contracts
Impact of the Upgrade on ZIL’s Price
As we move closer to the Zilliqa network upgrade, we can see an impressive surge in purchasing activity of the native token, ZIL. Notably, ZIL’s price experienced an 11% increase in the early hours today, moving from $0.0222 to a price of $0.0247, a level not seen since the first week of June. Despite this, however, the ZIL token experienced a modest price decline, with the price consolidating around the $0.0237 mark.
Current Trading Value Of Zilliqa (ZIL)
At the moment, Zilliqa’s trading price is at approximately $0.238 — a modest 0.10% decrease in the last hour. Nonetheless, its daily trade volume has surged up by 189.83% and is currently valued at around $83 million. With an aggregate market cap valuing at $377 million, Zilliqa is currently ranking as the 93rd largest cryptocurrency in the global market.
Zilliqa’s Price Analysis
The hourly chart of ZIL’s Relative Strength Index (RSI) shows the token descending from the overbought zone, which could indicate the end of the bullish run. Moreover, Ziliqa’s Moving Average Convergence Divergence (MACD) is just about to cross the signal line, an indication that a potential bearish run could be coming.
According to recent chart data, ZIL seems to have encountered a resistance zone at the $0.0250 price point. This means, if:
- The existing buying pressure increases and drives ZIL past this barrier, we can expect a revived upward price trajectory for the token.
- Selling pressure significantly amplifies, we could see ZIL’s price fall to as low as $0.0225, which is its next support level. If this level falls, ZIL’s price is likely to decline further to around $0.02.
About Zilliqa
Zilliqa was launched back in 2019 and is a public, permissionless blockchain fortified with a sharded architecture, designed to address the scalability and throughput issues common with most blockchains.
ZIL Trading At $0.0228 On The Hourly Chart | Source: ZILUSD Chart On Tradingview.com
Featured Image provided by Binance Academy, Chart procured from Tradingview.