Zilliqa

[Predrag V]

Why did the Zilliqa coin explode higher yesterday?

[Tarik]

Hi Predrag, thank you for coming here. 

Not just yesterday, but Zilliqa price has been pushing higher constantly in the past few weeks. There isn’t a single development that can be pointed to as a key reason for the surge in price but rather a series of events surrounding the Singapore-based blockchain platform.

For instance, a listing of a ZIL/BUSD trading pair on Binance was announced last week. In addition, the co-founder of Ethereum Vitalik Buterin acknowledged the progress that the Singapore-based blockchain platform has made lately. 

Zilliqa has been very active in marketing campaigns lately. The platform launched the SocialPay campaign, to which it dedicated around $3,500 in rewards for Twitter users who discussed the services of the platform during a 3-day campaign. 

As a result, Zilliqa topped the list of top 5 most-discussed altcoins on Twitter, with more than 80,000 tweets recorded and engagements from 35 million Twitter users. Furthermore, an article in the investing media outlet TheStreet praised Zilliqa’s recent progress and chose the platform as the “cryptocurrency of the week”.

“With everyone locked up at home, this easy way to make pocket money proved immensely popular. Not only that, but the tactic is actually very powerful for spreading awareness of Zilliqa, and for making a programming language for developers called Scilla more widespread,” the article notes.

All in all, the Zilliqa platform seems to be thriving. It has gained around 120% so far in May to hit the 10-month high around $0.014. 

 

[Patryk baranowski]

You can find more on this topic in the articles below

 

How to trade cryptocurrencies - https://bit.ly/2U6y803

Ethereum for beginners - https://bit.ly/3gOpfBU

You can also compare crypto brokers here - https://bit.ly/3gSZJvE

And read our review of eToro here - https://bit.ly/301SATs

 

Have you traded Zilliqa or any other cryptocurrencies? Let us know!

[Brock]

Hi, thanks for asking the question.
 

Zilliqa (ZIL) has seen enormous gains since March, outshining Bitcoin. Currently, the cryptocurrency became the 36th most valuable digital currency with a market value of around $245 million. 

Zilliqa’s daily trading volume amounts to around $90.85 million, and since its collapse in March, the altcoin rose 950%, one of the largest surges lately. Zilliqa recorded a record number of 4 million blockchain transactions since its mainnet in January last year. 

After crashing at $0.0022, Zilliqa skyrocketed to $0.02.

However, the charts show that the cryptocurrency is currently hovering around the resistance area and we shouldn’t expect another rally. 

“As the chart is showing, the price of Zilliqa is back inside a range structure. The resistances of this range are found between the levels of $0.022 and $0.025, while the support levels are found at $0.012 and $0.014–$0.015,” reported Cointelegraph.

It is more likely that we will see a corrective downside move rather than another move up. A correction towards $0.012–$0.015 mark could be expected before the coin is ready for another surge.

However, in order to maintain its incredible momentum, Zilliqa would have to stay above $0.019. In that case, we could expect another rally.

“What are the interesting areas to watch in the coming months? The support areas around $0.012 and $0.014–$0.016 should be watched for a potential buy-the-dip opportunity. If Zilliqa breaks above $0.025, the next resistance zone is found between $0.047–$0.053,” the article writes.
 

[Patricia]

Hello Predrag, and thanks for coming here.

Zilliqa has been on an upward trajectory from March despite Bitcoin’s struggle to pass $10,000. What started as a push above $0.005 exceeded the $0.01 psychological mark on May 15. 
The entry of a ZIL/BUSD pair on Binance has played a major role in the uptrend. Following the listing announcement on May 22, Ethereum founding member Vitalik Buterin acknowledged the blockchain platform’s potential.
But things are about to change for the Singapore-based service as its price corrects by the day. This is evident in Zilliqa’s failure to squash resistance at crucial price stages over the previous week. If Bitcoin doesn’t bring altcoins on its rally, this may be the end of the road for Zilliiqa’s two-month surge that has exceeded 900%.
 If bulls oppose the reversal with the aim of short-term altcoin growth, an uptrend will depend on crashing resistance at the 23.6 as well as the 38.2 fibo. While sinking below $0.018 ends the bullish sway, an adjustment to $0.012–$0.015 would still be healthy before a new upside trigger. The current opposition stands between $0.020 and $0.022.