Will Zilliqa’s latest stride empower ZIL to stand on its own? Assessing…
- The Zilliqa blockchain ranked #1 on the social and market activity front as per data from LunarCrush
- At press time, ZIL was trading 1.44% higher than the last 24 hours
Crypto asset intelligence platform, LunarCrush released a list of the top 10 cryptocurrencies in the market. The tweet, dated 21 April, highlighted the altcoins with outstanding social and market activity.
As per rankings from LunarCrush, Binance Coin [BNB] secured third place, whereas Polymesh [POLYX] secured second place. Interestingly the altcoin that secured first place was Zilliqa [ZIL].
Read Zilliqa’s [ZIL] price prediction 2023-2024
Furthermore, as per LunarCrush’s findings, the blockchain’s 24-hour activity was worth noting. Its social engagements reached an impressive number of 17,975,812 with 4,686 social mentions. But what could be the reason for ZIL’s sudden surge?
What’s cooking ZIL?
CryptoBusy, a Twitter handle aimed at crypto education, posted a tweet on 21 April that on 25 April, the Zilliqa mainnet would activate the Ethereum Virtual Machine (EVM) compatibility. This would enable the native transfer of tokens, thus eliminating the conversion process.
The Twitter thread also stated that the EVM compatibility will make the transfer of NFTs and fungible tokens between EVM and Scilla interfaces easier. Additionally, the upgrade also aims to improve the overall speed and scalability of the network.
Is ZIL the next big thing?
At the time of writing, data from the intelligence platform Santiment stated that ZIL’s social dominance witness a sharp drop. This indicated that the market wasn’t actively talking about the altcoin on the social front.
Furthermore, development activity on 21 April did witness a small spike. However, it didn’t strengthen a bullish notion. A slow-moving development activity also indicated that developers weren’t contributing enough towards the development on the chain.
Source: Santiment
ZIL’s market cap too witnessed a decline after surging on 20 April. However, contrary to the aforementioned data, ZIL’s volume was much higher as compared to the beginning of April.
But a higher volume doesn’t necessarily mean higher buying of the token. It could also mean investors were in the market to sell off their holdings. So where does ZIL stand now?
Source: Santiment
In ZIL we (could) believe…
At the time of writing, ZIL flashed red bars and was exchanging hands at $0.0310. Furthermore, ZIL’s Relative Strength Index (RSI) stood right above the neutral line at 55.60. However, the RSI did witness a steep fall from the overbought zone to land at its press time position. This was a slightly bearish signal.
Is your portfolio green? Check the Zilliqa Profit Calculator
However, the Awesome Oscillator (AO) flashed green bars above the zero line at the time of writing. The Moving Average Convergence Divergence (MACD) indicator showed that the MACD line was still above the signal line. However, a drop in the buying pressure would lead to the MACD crossing the signal line to drop further.
Source: TradingView
Despite a skeptical view on the price front, as per CoinMarketCap, ZIL was trading 1.44% higher in the last 24 hours. Additionally, data from coinglass also showed that at press time, ZIL’s long/short ratio was higher. This indicated that most investors were interested in holding on to ZIL.
Source: coinglass
OhNoCrypto
via https://www.ohnocrypto.com
Aashna Dunwani, Khareem Sudlow
