Key Takeaways:
- ZIL pared some of its pre-upgrade gains.
- Meanwhile, technicals suggest a 15% upgrade ahead.
- The v9.2 upgrade was successful, says the team.
YEREVAN (CoinChapter.com) – Zilliqa token ZIL managed a 20% rally July 1-5, peaking at $0.025 in the European session, i.e., hours leading up to the anticipated network upgrade. However, after the said upgrade had been deployed, ZIL partially pared its gains, receding to $0.021 in the New York hours.
ZIL technicals hint at a bullish move ahead
The ZIL four-hour chart suggests a 15% advance ahead, based on a technical setup named the ‘rising channel,’ best visible on the four-hour chart. The setup features two parallel trendlines that enclose the price action and prevent the latter from sharp moves in either direction.
Notably, the rising channel does not predict a bias after the token breaks either one of the trendlines. However, it can be instrumental for as long as ZIL trades within the formation. In recent hours the token met a confluence of support from the channel’s lower trendline and its 50-four-hour exponential moving average (EMA-50; orange wave).
Also read: Bitcoin Ordinals Gets A New Token Standard — BTC Price Continues Crabbing.
If the channel remains relative, ZIL could rally another 15% and reach the resistance trendline in the upcoming sessions.
Zilliqa team calls the V9.2 Mannet Upgrade successful
In detail, the Zilliqa project underwent a major network upgrade, the v9.2. The latter introduced several enhancements and new features designed to optimize performance and strengthen cross-chain functionalities.
Key among the improvements is enhanced interoperability between Ethereum Virtual Machine (EVM) and Scilla. Made it simpler to create, test, and launch fungible tokens using ERC-20 and ZRC-2 smart contracts. This is a pivotal step towards facilitating seamless cross-chain interactions.
read the document.
Zilliqa’s team tweeted the news, noting that the upgrade was successful.
Moreover, Binance exchange asserted it would support the upgrade. “Binance will handle all technical requirements involved for all users holding ZIL in their Binance accounts,” read the announcement. The upgrade will possibly boost Zilliqa’s chances for the mentioned 15% uptrend in the coming sessions.
Also read: Verge (XVG) adds another 50% to its price following an impressive 500% rally.
