ZIL’s Price Rallies 250%, Faces Slight Dip — Signal To Buy?

What is Zilliqa

Zilliqa is a blockchain network based in Singapore which was created with the intention of solving scalability-related issues of blockchain networks. According to its website, Zilliqa’s efforts are centered around “streamlining the efficiency, trust, and transparency of Web 3.0”.

Sharding is the cornerstone of Zilliqa’s design. This involves diving a network into smaller consensus groups referred to as ‘shards’. Each of these shards is capable of processing transactions in parallel to one another.

Zilliqa claims to be the first public blockchain to implement the concept of sharding. Furthermore, Ethereum (ETH) ‘Merge’ refers to its transition to Proof-of-Stake and will also implement sharding to its network.

ZIL’s Current Trading Price

According to CoinGecko, ZIL currently trades at a price of over $0.12 with a growth rate of 224.8% over the past 30 days. It has a market capitalization of almost $2 billion with a 24h trading volume of over $2 billion.

Currently, popular and trusted exchanges such as Binance and Digifinex are the best exchanges for ZIL.

ZIL in the News

On April 7, CryptoSlate announced a partnership with Zilliqa to launch a joint educational campaign. CryptoSlate is set to launch a series of quizzes on Zeeves, giving participants the opportunity to earn ZIL tokens as rewards. Furthermore, Zeevers allows users to earn ZIL rewards on five CryptoSlate articles every week.

By April 5, ZIL had become one of the hottest cryptocurrencies after a huge 250% surge after 30 days by that time. This was a direct result of Zilliqa’s new Metaverse-as-a-Service announcement – Metapolis.

On April 2, Zilliqa’s Metaverse-as-a-Service Metapolis had a VIP-access launch event in the United States. Sneak peeks of the virtual world were shared with a crowd of entrepreneurs, luxury brand CEOs, musicians, artists, celebrities, institutional investors, and the press.

Market Performance

The chart above indicates that ZIL was able to rise in price from a mere $0.045 to $0.23 – an aggressive market approach. If this market trend continues, ZIL may be able to bounce back to $0.23 and break its resistance level of $0.25 which is 105% away from its current market price of $0.12. Once past this resistance level, it’s possible for ZIL to rise back up to a new all-time high (ATH).

The Future of ZIL

The huge surge of ZIL over the past 30 days has been encouraging to say the least – with a 250% price hike from its previous month. Notably, ZIL even reached halfway to its ATH during this period. Additionally, its Metaverse-as-a-Service announcement has investors excited.

However, a mix of investors booking their profits and Bitcoin’s price retracing halted the token’s rise. On the other hand, this slight dip is an opportunity for buyers to buy ZIL at a discounted price, possibly prompting another uptrend. 

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.