- The value of ZIL and its market cap has continued to grow since the Coronavirus crash of mid-March.
- Its value has increased by a factor of 5.95x since the crash.
- Zilliqa Community members are betting on ZIL becoming a top 50 coin very soon.
- At the time of writing this, ZIL is ranked #53 on Coinmarketcap after an impressive 8.36% gain in 24 hours.
In the past few weeks since the Coronavirus crash of mid-March, Zilliqa (ZIL) has managed to gain in value as well as improve its rankings on Coinmarketcap.com. A week ago, Ethereum World News highlighted that ZIL had grown by a factor of 4.311x since the Coronavirus crash of mid-March. Checking the charts once again, we find that ZIL is currently valued at $0.0134. This value is 5.95x its mid-March bottom of $0.00225.
Zilliqa Rises Up the Ranks to #53
Further checking Coinmarketcap.com, we find that ZIL is currently ranked 53rd. Approximately $9.46 million in market capitalization stands between ZIL and a ranking in the top 50 digital assets on the tracking website. This means that for ZIL to rise up the ranks to the latter category, the coin would have to be valued at approximately $0.01433 using Augur’s market cap of $145.7 million.
All Bets are on Zilliqa Becoming a top 50 Coin
It is with this brief background that the Zilliqa community believes the time is nigh for ZIL to become a top 50 coin on Coinmarketcap.com. Additionally, Zilliqa’s VP in charge of Ecosystem Growth, Han Wen, has predicted that ZIL will be ranked 50th by the end of May.
This means that ZIL needs to be valued at the earlier mentioned price of$0.01433 by the end of tomorrow, May 31st.
The optimism in the Zilliqa community for ZIL to achieve this milestone can be seen in the following Tweet that quotes Mr. Wen’s prediction.
They realised the Oracle was right. He was wise whilst they were not. Thou need to follow the trail as it climbs higher, next to 30, which has been seen by the Oracle…
— Zilliqa (@zilliqa) May 30, 2020
Brief Technical Analysis of ZIL/USDT
Zilliqa is clearly in bullish territory as can be seen in the daily ZIL/USDT chart above courtesy of Tradingview.com. The chart also provides the following crucial information regarding the future price action of ZIL.
- To being with, trade volume is in the green indicating interest in buying.
- The current price of ZIL is above the 50-day, 100-day and 200-day moving averages further pushing the case of a bullish future for Zilliqa in the crypto markets.
- However, the trade volume is decreasing indicating a possible pullback.
- MFI is also high at 72 further pointing towards a cool down for ZIL.
In conclusion, the daily Zilliqa chart points to the possibility of buying exhaustion for ZIL that will result in a pullback. However, given the fact that the entire crypto market led by Bitcoin is in the green, ZIL might just pull off that upward move into the top 50 coins on Coinmarketcap.com as we walk into the month of June.
(Feature image courtesy of Pixabay.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.