- Summary:
- What is the outlook of the Zilliqa price? We explain what to expect now that the ZIL price has done well in the past few days.
The Zilliqa price has done well in the past few days. The ZIL token is trading at $0.1332, which is about 31% above the lowest level this week. It has also risen to the highest point since April 8th. However, this price is about 40% below this month’s highest level. Its market value currently stands at $1.88 billion. So, in this ZIL forecast, we will explain why its price has risen and what to expect.
Why is ZIL rising?
Zilliqa is a leading blockchain project that is a pioneer of the sharding technology. Sharding is a useful technology that helps to boost the throughput of cryptocurrencies by breaking them into smaller pieces known as shards. It is becoming highly popular, with blockchains like Ethereum, Polkadot, and Elrond using it.
After struggling for months, the Zilliqa price went parabolic in March this year as demand for the network continued. At the time, its rally was so pronounced that its ranking moved from about 110 to the top 60. The current rebound is happening as investors buy the dips considering that it crashed by 40% from its all-time high.
It is also rising after the developers reiterated their vision for the network. They intend to transition Zilliqa to have more features that will promote more speed, compatibility, and interoperability. As part of this strategy, the developers are working to make it an Ethereum Virtual Machine (EVM) compatible network.
At the same time, they have a plan to expand its DeFi products by upgrading the ZILBridge and ZILSwap. The Zilliqa price also rose after the platform joined the Blockchain Game Alliance (BGA). By doing that, the network will have a chance to collaborate with like-minded organisations on how to develop the sector.
Zilliqa price prediction
The four-hour chart shows that the ZIL price is doing well after finding a strong support at $0.1033. It has moved slightly above the important resistance level at $0.1280, which was the highest level on April 14th. The coin has also moved above the 25-day and 50-day moving averages.
Notably, the price is above the SuperTrend indicator. This is a signal that investors are bullish about the coin. Therefore, there is a likelihood that the coin’s price will keep rising as bulls target the key resistance at $0.15. A drop below the support at $0.1200 will invalidate this view.
