Zilliqa is a new blockchain platform that promises to scale on-chain transactions with sharding. The project has been in development for nearly two years and recently completed its public testnet launch. This article will provide an overview of the project, technical analysis, and future outlook.
Zilliqa has been in the crypto market for a while now. It is currently valued at $0.09 with a market cap of $1,819,904,000. Zilliqa is predicted to be worth $2 by 2025.
We utilize historical data, price analysis, RSI, RVOL, and other information about ZIL to evaluate the cryptocurrency’s future movement in Technical Analysis of Zilliqa (ZIL) for 2023.
Zilliqa is an open-source blockchain that aims to offer high-performance, with the ability to process thousands of transactions per second. It also aims to address blockchain performance and scalability problems by providing a second-layer scaling solution. It supports a number of decentralized apps and, beginning in October 2023, will allow for staking and yield farming.
Current Market Situation for Zilliqa (ZIL)
The ZIL price is $0.08 at the time of writing, according to CoinGecko, with a 24-hour trading volume of $69,480,074. In the past 24 hours, however, ZIL has risen by 3.3 percent.
In addition, there are 12,195,615,759 ZIL in circulation. ZIL is currently traded on Binance, OKEx, Huobi Global, FTX, and Upbit, among other exchanges.
Zilliqa (ZIL) Technical Analysis 2023
Zilliqa (ZIL) is now ranked 79th on CoinGecko. ZIL may be pushed to new heights as a result of current development and improvements. Let’s take a closer look at the ZIL technical analysis for 2023. The Zilliqa (ZIL) daily time frame chart is given below.
Pattern ZIL/USDT (Source: Tradingview)
The “Falling Wedge pattern” is formed by the chart above. This is a bullish pattern that begins at the highest point and shrinks as the price decreases. When the trend’s highs and lows coincide, however, the price action creates a downward cone. This indicates that, as a result of the large amount of trading during this period, the price of ZIL will continue to increase and, in the not-too-distant future, will exceed its all-time high price.
ZIL is now trading in a $0.086 range. If the price breaks through the $0.07 trend line support level, it will continue to fall to the $0.06 level. If the trend continues to the upward, the price will shortly hit $0.25.
RSI for Zilliqa (ZIL)
The relative strength index (RSI) of ZIL is shown in the chart below.
RSI ZIL (Source: TradingView)
The RSI is still at 41, as seen in the chart below. This indicates that the price of ZIL is almost oversold. However, this suggests that a significant price reversal may occur in the coming days. As a result, traders must use caution while trading.
RVOL Zilliqa (ZIL)
The Relative Volume of ZIL is shown in the graph below. RVOL is a trading volume indicator that shows how current trading volume compares to past trading volume over time.
RVOL ZIL ZIL RVOL ZIL RVOL ZIL RV (Image courtesy of TradingView)
Specifically, the RVOL of ZIL observed is greater from the beginning of May to the first week of June. The RVOL of ZIL has been below the cutoff line since mid-June, indicating that it is one of the weaker players in the present trend.
Moving Average for Zilliqa (ZIL)
The chart below depicts ZIL’s Moving Average (MA). A moving average is a tool used in technical analysis to assist traders in identifying trends.
MA ZIL (Image courtesy of TradingView)
The price of the ZIL is negative in the 50 MA (short-term), and it has yet to break beyond the 200 MA. It fully shifts to a bearish condition if it breaches the 200 MA level of ZIL.
We may anticipate some reversal at these positions since the price of ZIL is now trading around the 200 MA level.
Comparison between Zilliqa (ZIL) vs Bitcoin
The price comparison between ZIL and BTC is shown in the graph below.
Chart comparing the prices of ZIL and BTC (Source: TradingView)
The BTC and ZIL trends are both going in the same direction.
Conclusion
With the ongoing improvements and updates to the ZIL platform. In current crypto economy, Zilliqa has a bright future. ZIL, on the other hand, has the potential to soar to unprecedented heights.
$0.25 is a bullish ZIL price forecast for 2023. As previously said, it has the potential to achieve tremendous heights, with a price of $0.4 if investors believe that ZIL is a suitable investment in 2023.
FAQ
What exactly is ZIL?
ZIL is a cryptocurrency token that was created in 2017. It is based on the idea of sharding and primarily seeks to improve the scalability of cryptocurrency networks such as Bitcoin or Ethereum. Zilliqa is the local currency.
Where may ZIL be purchased?
Binance, OKEx, Huobi Global, FTX, and Upbit are just a few of the cryptocurrency exchanges that have ZIL listed. It may be traded for crypto fiat currencies, stablecoins, and other cryptocurrencies.
Will ZIL be able to set a new ATH in the near future?
The Zilliqa platform, with its continuing improvements and upgrades, has a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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Zilliqa (ZIL) is a cryptocurrency that was created on January 2nd, 2018. It’s primary goal is to be the fastest and most scalable blockchain platform in the world. Reference: zil price prediction 2023.
Frequently Asked Questions
Is Zil a good investment 2023?
Does crypto support Zilliqa?
Zilliqa does not currently support crypto.
Can you trade Crypto with technical analysis?
Yes, I can trade Crypto with technical analysis.
