- Zilliqa price has been in a tight range in the past few days.
- The network announced a new upgrade to its EVM capabilities.
- The number of Zilliqa transactions have jumped this year.
Zilliqa price remained under intense pressure this week despite some important updates from the network. The ZIL token was trading at $0.020 on Thursday, lower than last month’s high of $0.0248. This price action mirrors that of other altcoins like Ethereum, Solana, and Polkadot.
Latest Zilliqa news
Zilliqa is a leading blockchain project that is best known for introducing the concept of sharding. Sharding is a technology that supercharges the speed of transactions by breaking them into smaller transactions known as shards. This technology has been embraced by other platforms like Elrond and Near Protocol. Ethereum will launch the sharding technology in a later upgrade.
Zilliqa has faced numerous challenges in the past, with the biggest one being the rising competition from layer-1 networks like Ethereum, Solana, and Polkadot. At the same time, it is competing with layer-2 platforms like Arbitrum, Polygon, and Optimism. As a result, its total market share in key areas like tokenization, decentralized finance, and non-fungible tokens (NFTs) is minute.
Read more: How to buy Zilliqa.
On a positive side, the number of Zilliqa transactions has grown this year. Data shows that these transactions have risen by over 25% since December last year. This is a sign that Zilliqa still has fans in the crypto industry.
Another positive Zilliqa news came on Thursday. In a statement, the developers announced that the EVM compatibility in the network had been expanded to Zilliqa version 0.2.0. This upgrade helped to improve interoperability between fungible token contracts on Scilla and EVM. It also allows EVM to invoke contracts written in Scilla. The statement added:
“This improvement to EVM compatibility on Zilliqa is a key step towards the network achieving enhanced interoperability and improving accessibility for multi-chain applications.”
Zilliqa price prediction
The daily chart shows that the ZIL token price has consolidated below the important resistance level at $0.021, the lowest level on March 10th. The token has also consolidated at the 25-day and 50-day moving averages.
Zilliqa has also formed a symmetrical triangle pattern that is shown in blue. In price action analysis, this pattern usually leads to a breakout in either side. The Average True Range (ATR) has plunged to the lowest level since June.
Therefore, with the triangle pattern nearing its confluence level, there is a likelihood that the token will have a breakout in either direction. The direction of the breakout will mostly depend on the performance of Bitcoin, which has been stuck in a narrow range.
