Up or down? Zilliqa (ZIL) price prediction for January

Up or down? Zilliqa (ZIL) price prediction for January

All major cryptocurrencies are advancing this Friday, and this situation also supports Zilliqa’s price. Bitcoin has stabilized above the $24000 support level, indicating that the price could reach the $25000 resistance level in the upcoming weeks or maybe days.

Fundamental analysis: Zilliqa is transitioning towards Zilliqa 2.0, which will include optimizations to improve throughput capacity

According to its official website, Zilliqa is the world’s first public blockchain built entirely on a sharded architecture. This project was launched in June 2017 and raised $22 million worth of ether through an initial coin offering (ICO) that concluded in January 2018.

Zilliqa is a scalable and secure platform for developers who want to build decentralized applications. The Zilliqa team consists of experienced scientists, engineers, venture creators, and industry experts that value excellence.

The platform’s native cryptocurrency is ZIL, and the total supply of Zilliqa is 22 billion. In 2019, Zilliqa launched smart contracts that allow developers to launch the contracts using the blockchain’s own programming language, Scilla.

Scilla addresses security vulnerabilities that are still prevalent in other languages, and it is also important to mention that fees on Zilliqa are extremely low.

Each transaction with Bitcoin or Ethereum needs several confirmations to be considered valid, but Zilliqa diverges from Bitcoin and Ethereum networks. Thanks to Zilliqa’s consensus protocol, no confirmation is required, and everything goes much quicker.

“Zilliqa is now transitioning towards Zilliqa 2.0, which will include optimizations to improve throughput capacity, and latency improved smart contract language and toolchain support”, said Saayan Choudhury, Senior Director of Commercial Technology.

Zilliqa’s price has advanced from $0.029 above 0.065 since the beginning of December, and the current price stands around 0.060. For now, there is no signal of the trend reversal, but my opinion is that this is still a very risky cryptocurrency.

This is a cryptocurrency that you should not ignore, but if you decide to buy Zilliqa (ZIL), you should always use a “stop-loss” order.

Technical analysis: The bullish trend remains intact

Zilliqa price has doubled in less than thirty days, and according to analysts, the near-term target is set to surpass $1 in the first half of 2021.

Data source: tradingview.com

The current resistance levels are $0.065 and $0.070; $0.050 and $0.040 represent the current support levels. If the price jumps above $0.065, it would be a signal to trade Zilliqa (ZIL), and we have the open way to $0.070 or even $0.080.

On the other side, if the price falls below $0.050, it would be a firm “sell” signal, and we have the open way to $0.040.

Summary

All major cryptocurrencies are advancing this Friday, and this situation also supports Zilliqa’s price. Zilliqa price has advanced from $0.029 above 0.065 since the beginning of December, and for now, there is no signal of the trend reversal. If the price jumps above $0.065, the next price target could be around $0.070, but if the price falls below $0.050, it would be a strong “sell” signal.

The post Up or down? Zilliqa (ZIL) price prediction for January appeared first on Invezz.

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