Why did Zilliqa Price rise above $0.3?

Key Takeaways:

• Positive market sentiments coil up around the ZIL price which rose by more than 9% since the early trading hours
• The upgrades on the network are believed to impact the token significantly which may further keep up the bullish market trend for long
• The ZIL price geared up a few days before and was able to close the previous day’s trade on a bullish note at $0.0291 with a market capitalization of $479.81 million and a circulating supply of 15.86 billion

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Zilliqa’s price has been maintaining a notable upswing since the beginning of 2023 and further maintained a notable upswing to mark the levels beyond $0.03. The rise in the price is anticipated due to the coiling market sentiments ahead of a major release and a massive whale accumulation. Therefore, the price is believed to keep up the bullish momentum and continue to head toward the upper targets.

WEB3WAR is a full cross-play and cross-progression-enabled shooter for various operating systems and mobile which is secured by the Zilliqa blockchain. The official launch of WEB2WAR is scheduled on March 31, 2023, and it is believed to be the very first-person shooter on Zilliqa. Besides this, massive whale accumulation was recorded which also fueled the ZIL price rally.

According to WhaleStats, an on-chain data provider, a whale named ‘Martian Manhunter’ bought 54 million ZIL tokens worth more than $1.5 million. Whales accumulate whenever the possibility of a price rise is witnessed in the near future. This also induced flipped market sentiments that pushed the prices higher. 

Zilliqa Token Technical Overview

Source: Tradingview

• The Zilliqa price has been rising high ever since the beginning of 2023 and began to trade within an ascending parallel channel
• Although the price just witnessed a rejection from the resistance is believed to trigger a rebound from the average levels.
• After maintaining a minor consolidation below the resistance levels, the price could rise above the channel 
• The MACD is extremely bullish as the buying volume has exceeded significantly, however, a minor sell-off may be expected as the prices reach $0.035, but it could be only a short-term pullback

Zilliqa Token On-Chain Analysis

Zilliqa Development Activity

Source: Santiment

The development activity refers to the seriousness of the team to make the network more robust and secure. The activity is recorded on GitHub repositories which are usually public and easily accessible for all. The rise or drop in the metrics also impact on the sentiments of the market participants who become bullish on a rising development activity.

The Zilliqa development activity had reached rock bottom levels in the recent past. However, after undergoing a rebound, the activity is swelling and rising high. It indicates that the team is serious on its business proposition and likely to shi new features in the near future.

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Zilliqa Weighted Sentiments

Source: Santimnet

The sentiment analysis of the token includes identifying and categorizing emotions, opinions and information regardless of whether they are positive or negative. The positive sentiment refers to positive mentions and negative sentiment to negative. However, weighted sentiments consider both of them.

The metric includes all the mentions or posts of the token, both positive and negative, and divides with their frequency over the time. The levels spiked up recently and displayed a magnificent jump, but woefully they failed to sustain and dropped to the average levels in no time

Concluding Thought!

Zilliqa price has been displaying enough strength ever from quite a long time. Hence, in the upcoming days, the price is believed to maintain a notable upswing as the development activity in s surging. Moreover, the sentiments have also turned to be largely bullish which may help to keep up the bullish momentum. Hence by the end of Q1 2023, the ZIL price could even engulf a zero in its value provided it maintains a similar trend and strength.