Zilliqa Cryptocurrency token. Rise in price and Growth of quotations, the green graph up. The behavior of the cryptocurrency exchanges, concept. Modern financial technologies.
The Zilliqa price bounced back on Monday as investors wait for the new website. The ZIL token has risen by more than 12% and is currently trading at $0.093. This price is about 83% above the lowest level in July. It is also about 63% below the highest level this year. Zilliqa has a market cap of $1.2 billion while its ranking has slowly dropped to 118.
Zilliqa is a blockchain project that is known for its sharding approach. Sharding is a process that seeks to speed processing power by dividing blocks into pieces. This is a technology that has been adopted by other well-known platforms like Elrond and Near Protocol.
While Zilliqa is a pioneer, its star has been fading in the past few months. For one, its ranking among cryptocurrencies has dropped from top-40 to the current 118. This retreat is mostly because many developers have adopted relatively faster proof-of-stake smart contract platforms like Avalanche and Solana.
Indeed, a quick look at the Zilliqa ecosystem shows that its biggest platform is XSGD, which is a stablecoin valued at more than $146 million. It is followed by XCAD Network that has a valuation of $112 million while the others are relatively small.
The daily chart shows that the ZIL price has been in a tight range in the past few weeks. The price has remained stuck between the key support and resistance level at $0.075 and $0.1245. This price is at the same level as the 25-day and 50-day moving averages. It is also slightly below the 23.6% Fibonacci retracement level.
Therefore, I suspect that the Zilliqa price will remain inside this range. A drop below the support at $0.075 will signal that bears have prevailed, which will lead to more weakness. A bullish move above $0.1260 will mean that there are still more bulls in the market.
This post was last modified on Nov 29, 2021, 08:36 GMT 08:36