Most of the cryptocurrency markets have started to move up again. Fans of the Zilliqa price will certainly appreciate some positive momentum. Based on the current momentum, a push to $0.0275 is certainly possible over the coming days.
Lots of Active Development
Judging by the CryptoMiseo statistics for the past three months, there is a lot of development taking place behind the Zilliqa scenes. Several dozen commits have been completed over the past three months. More importantly, there are 40 people contributing code to this project. Any blockchain or crypto project can always be improved upon, as there is no time to rest on one’s laurels.
What these changes will pertain to exactly, has yet to be determined. This ecosystem offers a lot of potential for those willing to experiment with it. The recent partnership with Onchain to provide crypto custody solutions may also be a contributing factor to this latest uptrend.
Strong Market Momentum
Although most crypto assets have noted solid gains over the past 30 days, the individual percentages should not be overlooked. With a 25.4% increase in value, Zilliqa has been checking the right boxes. It has noted a solid gain in USD value, but also moved up against both Bitcoin and Ethereum.
For altcoins, now is the time to effectively show some strong momentum against the leading crypto assets. Very few will be able to sustain such levels for too long, however. In the case of Zilliqa, there is some potential for further upward momentum in the coming days.
Social Sentiment Turns Bearish
Despite the recent gains across the board, Zilliqa doesn’t have the best of social momentum this week. Everything is down in a significant manner, which usually doesn’t bode too well for the future. Even the bullish sentiment is on the decline, although in less spectacular fashion compared to some other statistics.
One interesting aspect is how Zilliqa’s spam volume has also decreased by over 53%. This statistic usually increases when any asset is on the rise, yet ZIL is proving to be a different creature in this regard. Whether this will be a beneficial development, is difficult to determine under the current circumstances.
Liquidity is Decent, for now
Determining the liquid market cap of any project can often give a better overview of what is going on exactly. For Zilliqa, there is $345.53 million in liquidity, putting the project ahead of ICON, Theta Token, Gnosis, and Hedera Hashgraph. Overtaking Elrond, Kyber Network, and DigiByte is possible, if the Zilliqa price keeps moving higher.
All in all, there is nothing preventing the Zilliqa price from reaching a higher target in the coming days. Pushing through to $0.0275 is likely, as all of the markets appear to be in rather good health. That will, in turn, be beneficial for any individual asset noting strong momentum against Bitcoin and Ethereum.
Judging by the current technical indicators, Zilliqa is in a good place. The Bollinger Bands are wide open, confirming liquidity is not an issue right now. However, wide BBs can also trigger extra volatility, which will be something to watch out for in the coming days.
The MA20 also appears to continue its bullish crossover with the MA50, which is a very positive sign. Combined with the MA200 moving up, things are looking rather interesting for ZIL. There is some minor resistance coming up shortly, but that should not pose any real problems on the road to $0.0275.