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Zilliqa (ZIL) Notches 10% In Anticipation Of Network Upgrade

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Zilliqa

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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. 

Related Reading: Stablecoins Volume Down Despite Crypto Market Recovery, Ratings Agency Finds

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. 

Related Reading: What’s Next For Bitcoin Price? Bulls Aren’t Running Out Of Steam Yet

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.

ZILIQA

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

Featured Image from Binance Academy, Chart from Tradingview.

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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