The cryptocurrency market is advancing this Wednesday; Bitcoin continued its surge and advanced again above the $58000 resistance level. This situation also supports Zilliqa’s price, and in less than several hours, the price of this cryptocurrency has advanced from $0.14 above $0.20.
Fundamental analysis: Over 60 project teams from over 20 countries have contributed to Zilliqa’s ecosystem
Zilliqa (ZIL) continued its surge and reached a new all-time high above $0.20 resistance this Wednesday, while the current price stands around $0.18. The price of this cryptocurrency could advance even more in the ongoing bull market, and for now, there is no indication of a trend reversal.
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The daily volume of Zilliqa (ZIL) continues to rise, but my opinion is that this is still a very risky cryptocurrency, and you should be careful when trading with this cryptocurrency. Launched in June 2017, Zilliqa was the world’s first public blockchain built entirely on a sharded architecture.
According to its official website, Zilliqa is a scalable and secure platform with a team of experienced scientists, engineers, venture creators, and industry experts. This platform is intended for developers who want to build decentralized applications while allowing them to launch smart contracts using the blockchain’s own programming language, Scilla.
“We leverage on our silicon-smooth, speedy and cost-effective blockchain platform to catalyze and transform digital infrastructure across all global communities and industries. Over 60 project teams from over 20 countries have contributed to Zilliqa’s ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, and more,” Zilliqa reported.
The fees on Zilliqa are extremely low; the platform’s native cryptocurrency is ZIL which supply is limited to 22 billion coins. Zilliqa diverges from Bitcoin and Ethereum networks because everything goes much quicker, and only 1 minute out of every 2-3 hours is needed to mine ZIL.
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Technical analysis: Zilliqa reached a new all-time high
This cryptocurrency has made a big jump in a short-time period and, if you decide to buy Zilliqa (ZIL), you should consider that the price could also weaken from the current levels.
The critical support levels are $0.16 and $0.14; $0.20 and $0.22 represent the current resistance levels. If the price jumps again above $0.20, it would be a signal to trade Zilliqa (ZIL), and the next price target could be around $0.22.
On the other side, if the price falls below $0.16, it would be a firm “sell” signal, and we have the open way to $0.14 support.
All major cryptocurrencies are advancing this Wednesday, and this situation also supports Zilliqa’s price. The price of this cryptocurrency could advance even more in the ongoing bull market, and for now, there is no indication of a trend reversal. Despite this, traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is very high.