In brief:
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.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.
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.
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.
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.)