Investors in Zilliqa have started to engage in an upside rally as its native token ZIL price is facing buying pressure. ZIL is directly influenced by crypto giants like Bitcoin and Ethereum and follows in their footsteps.
While the total crypto market is staying strong above the $1 trillion summit, the recent bull run in Zilliqa has boosted its market cap by nearly 10.5%, reaching $562.8 million.
Bullish Price Action influence Speculators
From the March low of $0.02129, Zilliqa coin has recorded an increase of more than 60% in value so far, which cannot be ignored. During this roller-coaster ride, ZIL’s price action formed an ascending parallel channel on the daily price scale, which catapulted ZIL into the spotlight among investors.
Currently trading at $0.0355, ZIL is trading near the upper band of a bullish pattern with 10.5% overnight gains. Bulls are ready to take ZIL out of this ascending range. So far, the bulls are retesting the resistance zone (horizontal pink zone), while the bulls often get rejected. However, it looks like ZIL is ready to break out of its bearish range as the space for the ZIL price action to hold the bulls is becoming too small.
According to CoinMarketCap data, the overnight trading volume surged 355% at $208.9 million, suggesting aggressive accumulation as Volume Oscillator comes into the positive region as it is present at 22% zone.
EVM is Set to Launch on Zilliqa Mainnet
As the Zilliqa mainnet is scheduled for the EVM launch a positive scenario can be seen. On April 25th 2023, the Ethereum Virtual Machine (EVM) will be added to the Zilliqa mainnet. This upgrade will allow customers to transfer ZIL tokens via MetaMask, and “deploy Solidity dApps on the network”.
RSI Reaches on Overbought Zone
The bulls are confident as ZIL is well above the 200 day simple moving average. Besides, the RSI has crossed the 70 level, which indicates more buying opportunities ahead.
- Support Levels – $0.030 and $0.025
- Resistance Levels- $0.037 and $0.050
