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Thursday, September 23, 2021

Want to Buy Zilliqa (ZIL) Coin? Here’s What You Need to Know

Zilliqa (ZIL) is a public blockchain platform. The network got under the spotlight because of its early implementation of “Sharding”. Ethereum and other cryptocurrencies have now discovered the potential of the technology and have planned the implementation of Sharding. Zilliga, however, had been the first to implement the technology. Sharding is a scalability solution which allows networks to process many transactions without compromising on the speed.


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Price developments

Zilliqa established its all-time high at $0.2 in the 2018 bull-run. The cryptocurrency had been giving subpar performance ever since then. In the recent bull run, Zilliqa, too, picked up the pace and is now skirting close to its all-time high. Traders are hopeful that the cryptocurrency will soon break the strong resistance it faces and achieve a new all-time high.

At the time of writing, Zilliqa stood at $0.19 with a 36% positive change in the price level. the daily trading volume, too, had increased by 230%. The market rank of the cryptocurrency is 52 with a market capitalization of $2,070,871,269. The market capitalization has also increased by 32%.

‎Technical Analysis

The technical indicators are giving out a signal of buy. Of the total indicators, 16 stand at buy position and 7 stand at neutral position while only 3 are giving out a signal of sell. The oscillators are bearish while the Moving Averages are strongly bullish.

The analyst TradingMula, is bullish on the cryptocurrency and predicts a continuation of the upward trajectory. The all-time high of the coin is acting as a strong resistance level and the analyst predicts Zilliqa will soon be testing the resistance. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both bullish. 

Recent happenings

The network has been very active and as the cryptocurrency market is driven by speculation here are some developments you should be aware of before dipping your toes into the cryptocurrency:

  • Zilliqa recently got listed on Crypto.com – a Hong Kong based cryptocurrency exchange. The listing proved to be favourable for the coin and sent up its price
  • Zilliqa tokens can now be earned through a quiz available on CryptoSlate – a news analysis platform.
  • In order to strengthen the position of the cryptocurrency, the organization – Zilliqa Capital – has announced plans of investing in the financial ecosystem in Asia.

Future predictions

DigitalCoinPrice has projected a gradual upward trajectory for the cryptocurrency. The growth of Zilliqa will continue to over the years. The cryptocurrency is predicted to have a price level of $0.64 in five years’ time. Wallet Investor has given a similar price prediction for the cryptocurrency.

The technical analysis and future projections combined with the recent developments of the network indicates that the cryptocurrency can possibly continue its ascent, breaking its all-time high and going even higher.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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