Zilliqa (ZIL) up 10% ahead of network upgrade.
The ZIL token has experienced a price increase in the past day in anticipation of the latest Zilliqa network upgrade. According to CoinMarketCap data, ZIL has gained 10.13% in the last 24 hours, making it the top gainer of the day.
Zilliqa Network Upgrade Now Underway
According to a tweet from Zilliqa’s official Twitter account, the mainnet network upgrade v9.2 has started today, July 5, as scheduled. This network upgrade is expected to bring important improvements to the Zilliqa network, particularly increased interoperability between the Scilla platform’s customized smart contract language and the Ethereum Virtual Machine.
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Additionally, the upgrade aims to enhance Zilliqa’s security and functionality by adding support for third-party EVM contracts and implementing full backward compatibility with all existing Scilla (v0.13.3) contracts.
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With the Zilliqa network upgrade approaching, the native token ZIL has seen significant buying pressure in recent days.
Notably, early today, ZIL experienced an 11% increase, rising from $0.0222 to $0.0247 for the first time since the first week of June. After that price gain, the ZIL token had a slight price loss and found support at the $0.0237 level, where it has remained.
At the time of writing, Zilliqa (ZIL) is trading at $0.238, with a 0.10% decrease in the last hour. However, the token’s daily trading volume has increased by 189.83% and is valued at $83 million. With a total market cap of $377 million, Zilliqa is currently ranked as the 93rd largest cryptocurrency.
Zilliqa’s Price Analysis
Looking at ZIL’s hourly chart, the Relative Strength Index indicates that the token is descending from the overbought zone, suggesting that the bullish run may be coming to an end.
In addition, Zilliqa’s Moving Average Convergence Divergence (MACD) is about to cross the signal line, indicating a potential incoming bearish run.
Based on chart data, ZIL seems to have encountered a resistance zone at the $0.0250 price level. If the bulls can increase buying pressure and push ZIL above this barrier, the token is expected to continue its upward price trajectory.
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However, if there is a significant amount of selling pressure in the market, the token’s price could drop as low as $0.0225, which represents the next support level. If this support level fails to hold, ZIL is likely to fall to the $0.02 price level.
Launched in 2019, Zilliqa is a public, permissionless blockchain that employs a sharded architecture to address scalability and throughput issues commonly associated with most blockchains.
ZIL Trading At $0.0228 On The Hourly Chart | Source: ZILUSD Chart On Tradingview.com
Featured Image from Binance Academy, Chart from Tradingview.