- Zilliqa crypto price has made a recovery in the past few days.
- It jumped above the upper side of the descending channel.
- Zilliqa will launch its EVM-compatible version in April.
Zilliqa price bounced back on Wednesday as part of the crypto comeback. ZIL, the network’s token, rose to a high of $0.028, the highest point since March 24th. In all, the token has risen by almost 30% from the lowest level this month, giving it a market cap of over $446 million.
Zilliqa EVM launch
The biggest Zilliqa news is that the developers are working towards launching an Ethereum Virtual Machine (EVM) compatible platform in the coming weeks. An EVM is an important software that developers use to build applications on Ethereum, the biggest smart contract platform in the world.
Integrating EVM on Zilliqa will be an important step, one that will attract more developers in the ecosystem. For one, it will help ensure that dApps developed in its ecosystem can communicate with those created in Ethereum.
Further, it will help to open the ecosystem to popular Ethereum-based wallets like MetaMask. MetaMask is the biggest wallet in the world. As a result, users will be able to store their ZIL tokens on the wallet, which is used by millions of people from around the world. In a note, the Head of Distributed System Engineering said:
“This is a full, complete implementation of EVM compatibility with all the APIs, and most of the dApps will not require any adaptation at all. We have a better implementation than many layer-2 blockchains.”
Read more: How to invest in Zilliqa.
Many smart contract platforms are now working to incorporate EVM technology in their platforms. Earlier this month, Cardano launched the EVM capabilities. And this week, EOS and IOTA launched their EVM testnets ahead of their mainnet launch.
Zilliqa price is rising mostly because of the upbeat activity in the crypto industry as most altcoins continue rising. Linear Finance’s LINA has jumped by 32% while tokens like Injective Protocol, Mask Network, and Celo have jumped by over 20%.
Zilliqa price forecast
Turning to the 4h chart, we see that the ZIL price has drifted upwards in the past few hours. As it rose, the token jumped above the upper side of the descending channel shown in green. The coin also rose slightly above the 50-period moving average.
Further, the Relative Strength Index (RSI) has moved above the neutral point of 50. It is now sitting at the major support and resistance point of the Murrey Math Lines. Therefore, there is a likelihood that the token will continue rising as buyers target the key resistance at $0.030, which is about 9% above the current level. It was the highest level on March 18.
