{"id":26341,"date":"2023-07-05T13:53:14","date_gmt":"2023-07-05T17:53:14","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26341"},"modified":"2023-07-05T13:53:14","modified_gmt":"2023-07-05T17:53:14","slug":"zilliqa-zil-notches-10-in-anticipation-of-network-upgrade","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/05\/zilliqa-zil-notches-10-in-anticipation-of-network-upgrade\/","title":{"rendered":"Zilliqa (ZIL) Notches 10% In Anticipation Of Network Upgrade"},"content":{"rendered":"

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<\/a>, ZIL has now gained 10.13% in the last 24 hours, emerging as the top gainer of the day.\u00a0<\/p>\n

Zilliqa Network Upgrade Now Underway<\/h2>\n

According to a tweet<\/a> by Zilliqa\u2019s official Twitter handle, its mainnet network upgrade v9.2 has commenced today, July 5, as scheduled.\u00a0 This network upgrade<\/a> is expected to introduce vital improvements to the Zilliqa network, most notably increased interoperability between the Scilla \u2013 the platform\u2019s customized smart contract language \u2013 and the Ethereum Virtual Machine.\u00a0<\/p>\n

Related Reading: Stablecoins Volume Down Despite Crypto Market Recovery, Ratings Agency Finds<\/a><\/p>\n

Furthermore, the upgrade will look to augment Zilliqa\u2019s security and functionality by extending support for third-party EVM contracts and implementing full backward compatibility with all existing Scilla (v0.13.3) contracts.\u00a0<\/p>\n

That said, as the Zilliqa network upgrade got closer, its native token, ZIL, has experienced significant buying pressure in the last few days.\u00a0<\/p>\n

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.<\/p>\n

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\u2019s daily trading volume is up by 189.83% and is valued at $83 million.\u00a0With a total market cap value of $377 million, Zilliqa is ranked as the 93rd biggest cryptocurrency.<\/p>\n

Zilliqa\u2019s Price Analysis\u00a0<\/h2>\n

Looking at ZIL\u2019s hourly chart, the Relative Strength Index shows the token is descending from the overbought zone indicating the bullish run may be over.\u00a0<\/p>\n

Furthermore, Ziliqa\u2019s Moving Average Convergence Divergence (MACD) is just about crossing the signal line, meaning a potential incoming bearish run is on the horizon.<\/p>\n

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.\u00a0<\/p>\n

Related Reading: What\u2019s Next For Bitcoin Price? Bulls Aren\u2019t Running Out Of Steam Yet<\/a><\/p>\n

However, a significant level of selling pressure in the market could drive the token\u2019s 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.\u00a0<\/p>\n

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.<\/p>\n\n

Featured Image from Binance Academy, Chart from Tradingview.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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<\/a>, ZIL has now gained 10.13% in the last 24 hours, emerging as the top gainer of the day.\u00a0<\/p>\n

Zilliqa Network Upgrade Now Underway<\/h2>\n

According to a tweet<\/a> by Zilliqa\u2019s official Twitter handle, its mainnet network upgrade v9.2 has commenced today, July 5, as scheduled.\u00a0 This network upgrade<\/a> is expected to introduce vital improvements to the Zilliqa network, most notably increased interoperability between the Scilla \u2013 the platform\u2019s customized smart contract language \u2013 and the Ethereum Virtual Machine.\u00a0<\/p>\n

Related Reading: Stablecoins Volume Down Despite Crypto Market Recovery, Ratings Agency Finds<\/a><\/p>\n

Furthermore, the upgrade will look to augment Zilliqa\u2019s security and functionality by extending support for third-party EVM contracts and implementing full backward compatibility with all existing Scilla (v0.13.3) contracts.\u00a0<\/p>\n

That said, as the Zilliqa network upgrade got closer, its native token, ZIL, has experienced significant buying pressure in the last few days.\u00a0<\/p>\n

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.<\/p>\n

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\u2019s daily trading volume is up by 189.83% and is valued at $83 million.\u00a0With a total market cap value of $377 million, Zilliqa is ranked as the 93rd biggest cryptocurrency.<\/p>\n

Zilliqa\u2019s Price Analysis\u00a0<\/h2>\n

Looking at ZIL\u2019s hourly chart, the Relative Strength Index shows the token is descending from the overbought zone indicating the bullish run may be over.\u00a0<\/p>\n

Furthermore, Ziliqa\u2019s Moving Average Convergence Divergence (MACD) is just about crossing the signal line, meaning a potential incoming bearish run is on the horizon.<\/p>\n

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.\u00a0<\/p>\n

Related Reading: What\u2019s Next For Bitcoin Price? Bulls Aren\u2019t Running Out Of Steam Yet<\/a><\/p>\n

However, a significant level of selling pressure in the market could drive the token\u2019s 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.\u00a0<\/p>\n

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.<\/p>\n

Featured Image from Binance Academy, Chart from Tradingview.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-26341","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=26341"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26341\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26341"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}