The Zilliqa team are working hard in the run-up to their mainnet launch, which is scheduled to go live toward the end of January 2019. The team believe they are laying the foundation for a the future of decentralized apps, games, and security tokens.
The Zilliqa network provides a high performance blockchain that uses the method known as sharing to achieve a high rate of transactions per second (TPS). The team believe that 2019 will be a good year for the project as they continue to push the boundaries of blockchain and begin their plans to drive mass adoption.
In a recent update on the project, the team have mentioned that they are now wrapping up the loose ends found during the internal testing phase by the community. For example, they have found a way of speeding up the execution of smart contracts by up to 2x. They have also announced that developers will have a plethora of choices to code with as they increase the range of their SDKs. Upon mainnet, developers will be able to choose from C#, Python, Java, and Go coding languages to begin to code dApps with.
In their tech updates they have mentioned updates to their seed nodes and their PoW mining algorithm, which allows users to mine on 2 seperate difficulty levels. They have also updated their transaction processing by including a minimum difficulty threshold before a transaction can be processed to the network to achieve a certain level of security. Furthermore, they have made an update to their P2P communications tool to prevent the possibility of a denial-of-service attack.
Let us continue to take a look at the ZIL/USD market and proceed to highlight any potential areas of support and resistance moving forward.
Zilliqa has seen a decent price hike totaling 8.32% over the past 24 hours of trading, bringing the current trading price up to around $0.02066 at the time of writing. Zilliqa has seen an almost 13% price decline over the past 7 trading days, but is up by a significant 60% over the past 30 trading days.
Zilliqa is now ranked in 33rd position in the market cap rankings. It currently holds a $166 million market cap valuation after suffering a 41% price decline over the last 90 trading days. The 12-month-old project is now trading at a price that is 89% lower than the all-time high value.
Analyzing price action from the daily chart above, we can see that ZIL/USD continued to rally after bouncing from the support at the downside 1.414 Fibonacci Extension level (drawn in purple) priced at $0.01233. The market surged throughout the latter half of December 2018, but was unable to penetrate above the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.02200. This Fibonacci Retracement level is measured from the high seen during November 2018 to the low seen in December 2018.
However, as the new year began to trade in 2019, price action fro ZIL/USD managed to break above the aforementioned resistance level and continued to rally higher into resistance, marked by a short term 1.272 Fibonacci Extension level (drawn in blue) priced at $0.02587.
After hitting this level of resistance, we can see that the market rolled over and began to decline until reaching support beneath at the previous bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.01831.
Price action is now trading at support provided by the short term .382 FIbonacci Retracement level (drawn in green) priced at $0.02050.
At this moment in time, the trend is currently neutral. For this market to be considered bullish, we would need to see price action for ZIl/USD head back higher and break above the $0.025 handle.
For ZIL/USD to be considered bearish, we would need to see price action break below the support at $0.018.
If the bulls can hold above the current support level at $0.020 and begin to drive price action higher, they will first encounter resistance at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.02207.
If bullish momentum can continue to make ZIL/USD climb further higher above the $0.024 handle, we can expect further higher resistance to then be located at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.02499.
Further resistance toward the upside above $0.025 can then be expected at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.02587 and $0.02734, respectively. The final level of resistance to highlight is then located at the bearish .618 Fibonacci Retracement level (drawn in red) priced at $0.02797.
If the sellers regain control of the market momentum and begin to push price action lower for ZIL/USD, we can expect immediate support below to be located at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $0.01893, closely followed by the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.01831.
If the bears continue to push price action even further lower, more support below can be located at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $0.01737. If they manage to penetrate below the $0.016 handle, we can expect further support to then be located at the short-term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.01514 and $0.01381, respectively.
The final level of support to highlight is at the previous downside 1.414 FIbonacci Extension level (drawn in purple) priced at $0.01233.
The Zilliqa team continue to work hard as their mainnet approaches. Around the launch of the mainnet we can expect some volatility within the market, as traders like to stay on the sidelines during uncertain times such as hard forks and mainnet launches.
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