Although some cryptocurrencies are trying to mount a comeback right now, it has become increasingly apparent that will remain a big struggle. Especially within the top 20, not too much excitement can be found right now. Further down the list, Zilliqa is the first to make any real impact. Its mediocre gains paint a somewhat interesting outlook ahead of the weekend.
Zilliqa Price is on the Move
Over the past few days, there has been some cryptocurrency momentum brewing behind the scenes. Unfortunately, none of it has been sustained for an extended period of time, and that situation will not change anytime soon either. In fact, it seems the main action takes place well outside the top 20, which is only to be expected.
For Zilliqa, things are looking pretty good right now. Over the past 24 hours, there has been a solid 4% uptrend across USD, BTC, and ETH alike. That in itself is pretty interesting to keep an eye on, primarily because very few other coins in the top 35 can note similar gains right now. Sustaining this uptrend with under $9m in volume is a different matter altogether.
No one can deny there are some pretty interesting developments happening behind the scenes of Zilliqa right now. The project’s sharding technology is worth keeping an eye on, and their transaction throughput is evolving accordingly. As such, it seems to be a matter of time until things will improve permanently, albeit that mainly hinges on Bitcoin’s momentum first and foremost.
We have been fans of the @Zilliqa project since the beginning, and their #sharding technology continues to evolve – testing at 2000 #TPS is an accomplishment. So what are the slight reservations we have about adding #ZIL to our holdings? https://t.co/543UefaL8v
— Crypto Briefing (@Crypto_Briefing) October 25, 2018
Traders and speculators are keeping a very close eye on Zilliqa at this time. This sudden upswing caught many people by surprise first and foremost. As such, further technical analysis seems to indicate a massive uptrend will begin forming very soon, especially in the ZIL/BTC department. An intriguing analysis, although things are never as cut-and-dry in the cryptocurrency world.
— Chief Trader (@CryptoChief1111) October 26, 2018
A similar sentiment is echoed by Katiie, who is confident Zilliqa is done consolidating. The consolidation tweet was sent out a few hours ago, prior to the ZIL uptrend even began taking shape. As such, one has to wonder where things will end this time around, as a retrace seems nearly inevitable in this industry.
With all of this information to keep in mind, it appears the coming hours will be rather crucial for Zilliqa in many different ways. If this uptrend can be sustained, things will potentially trend toward the $0.04 level. If the uptrend falls apart, a dip down to $0.034 is not out of the question. Things can easily swing either way in this volatile industry these days, which is both fun and worrisome at the same time.