Zilliqa (ZIL) Soars 10% Ahead of Network Upgrade

The ZIL token price has seen a jump over the past day in anticipation of the latest Zilliqa network upgrade. According to Data by CoinMarketCapZIL has now gained 10.13% in the last 24-hours to emerge as the top gainer of the day.

Zilliqa network upgrade now underway

according to a do According to Zilliqa’s official Twitter handle, its mainnet upgrade v9.2 has started as scheduled today, July 5th. TeaHis network upgrade Zilliqa is expected to bring significant improvements to the network, notably increased interoperability between Scilla – the platform’s optimized smart contract language – and the Ethereum virtual machine.

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In addition, the upgrade will consider enhancing the security and functionality of Zilliqa by increasing support for third-party EVM contracts and implementing full backwards compatibility with all existing Scilla (v0.13.3) contracts.

That said, its native token, ZIL, has experienced significant buying pressure over the past few days as the Zilliqa network upgrade draws closer.

Specifically, in the early hours of today, ZIL rose by 11% from $0.0222 to reach a price of $0.0247 for the first time since the first week of June. After that price increase, ZIL token saw a minor price loss when it found support at the $0.0237 price level and has remained in that price area since then.

At the time of writing, Zilliqa (ZIL) is trading at $0.238 with a decrease of 0.10% in the last hour. However, the daily trading volume of the token has increased by 189.83% and is valued at $83 million. With a total market capitalization value of $377 million, Zilliqa is ranked as the 93rd largest cryptocurrency.

Zilliqa Price Analysis

Looking at the hourly chart of ZIL, the relative strength index shows that the coin is breaking below the overbought zone, indicating that the bull run may be coming to an end.

Furthermore, the moving average convergence divergence (MACD) of Zilliqa is about to cross the signal line, which means that a possible bearish phase is on the horizon.

According to the chart data, it appears that ZIL is facing a resistance area at the $0.0250 price mark. If the bulls are able to increase the buying pressure and propel ZIL past this hurdle, the coin is expected to resume its upward price trajectory.

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However, a significant level of selling pressure in the market could drag the coin price towards $0.0225, which represents its next support level. If this support level breaks down, ZIL is likely to decline towards the $0.02 price level.

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.

ZIL Trading At $0.0228 On The Hourly Chart | Source: ZILUSD Chart On Tradingview.com

Featured image from Binance Academy, chart from TradingView.