The ZIL token has seen a jump in its price over the last day in anticipation of the latest Zilliqa network upgrade. According to data by CoinMarketCap, ZIL has now gained 10.13% in the last 24 hours, emerging as the top gainer of the day.
Zilliqa Network Upgrade Now Underway
According to a tweet by Zilliqa’s official Twitter handle, its mainnet network upgrade v9.2 has commenced today, July 5, as scheduled. This network upgrade is expected to introduce vital improvements to the Zilliqa network, most notably increased interoperability between the Scilla – the platform’s customized smart contract language – and the Ethereum Virtual Machine.
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Furthermore, the upgrade will look to augment Zilliqa’s security and functionality by extending support for third-party EVM contracts and implementing full backward compatibility with all existing Scilla (v0.13.3) contracts.
That said, as the Zilliqa network upgrade got closer, its native token, ZIL, has experienced significant buying pressure in the last few days.
Most notably, in the early hours of today, ZIL gained by 11% moving from $0.0222 to hit a price of $0.0247 for the first time since the first week of June. Following that price gain, the ZIL token witnessed a slight price loss finding support at the $0.0237 price level and has since remained in that price zone.
At the time of writing, Zilliqa (ZIL) is exchanging hands at $0.238, with a 0.10% decrease in the last hour. However, the token’s daily trading volume is up by 189.83% and is valued at $83 million. With a total market cap value of $377 million, Zilliqa is ranked as the 93rd biggest cryptocurrency.
Zilliqa’s Price Analysis
Looking at ZIL’s hourly chart, the Relative Strength Index shows the token is descending from the overbought zone indicating the bullish run may be over.
Furthermore, Ziliqa’s Moving Average Convergence Divergence (MACD) is just about crossing the signal line, meaning a potential incoming bearish run is on the horizon.
According to chart data, ZIL appears to have encountered a resistance zone at the $0.0250 price mark. If the bulls are able to increase the buying pressure and push ZIL past this barrier, the token is expected to resume its upward price trajectory.
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However, a significant level of selling pressure in the market could drive the token’s price as low as $0.0225, which represents its next support level. If this support level falls to hold, ZIL is likely to fall to the price level of $0.02.
Launched in 2019, Zilliqa is a public, permissionless blockchain, equipped with a sharded architecture designed to address the scalability and throughput issues common with most blockchains.
Featured Image from Binance Academy, Chart from Tradingview.