Zilliqa (ZIL) achieves yet another groundbreaking milestone. The public blockchain platform has crossed its $0.030 price resistance.
According to reports, Zilliqa (ZIL) has revealed that breaking through this price level was a result of staking on its platform. The public blockchain, alongside the increase in its ZIL price, also disclosed that about 27.457% of its total ZIL supply was currently locked in staking, adding that this is the sole reason the ZIL token has recorded a remarkable price increase. Notably, ZIL has been below the $0.030 price range for quite a while now.
Despite this amazing increase in price, ZIL token is yet to attain a top 50 coin position on CoinMarketCap (CMC) again.
About ZIL Staking
The Singapore-based public blockchain platform officially launched staking on its platform in June 2020. Since its staking launch in June, the platform has had other remarkable updates.
For one, Zilliqa currently offers stakers APY as high as 17.72%. Also, a whopping 27.457% of its total ZIL circulating supply is currently locked in staking. The blockchain platform also boasts of 20,320 delegates and a total of 11 staked seed nodes.
The screenshot below further emphasized this fact.
Source: Zilliqa blog
Zilliqa’s (ZIL) non-custodial staking platform is known as Zillion. Interestingly, Zillion is one of the first-ever staking platforms built on a sharded blockchain. This important feature truncates the need for a third-party during staking on the platform. Interested persons can easily deposit their tokens into smart contracts, providing the public blockchain with an easier to use, seamless platform.
In line with this, Zilliqa (ZIL) also launched a governance token known as gZIL and a centralized exchange dubbed ZilSwap.
A recent daily ZIL/USDT chart revealed the following:
- Daily RSI and MFI are at 72 and 67 respectively. This accurately indicates that a correction was already taking place.
- Daily MACD on the chart is tilted towards an overbought situation. This could indicate a possible price correction ahead for Zilliqa’s ZIL token.
- The chart trade volume furthermore indicates selling already taking place after several days of being above the $0.030 benchmark.
For now, the $0.030 price threshold is a spot operating as a short term support zone. However, Zilliqa’s 50-day moving average might bring with it another price boost for the public blockchain platform.
A recent report by FSInsight disclosed that the Zilliqa (ZIL) project could be worth as high as $3.9 billion in 2025.
At the time of publication, ZIL was trading at $0.03195883, with a market cap of $366,323,442 and a 24-hour trading volume of $40,476,150.
For more cryptocurrency news, visit the Altcoin Buzz YouTube channel.
The post Zilliqa (ZIL) Current Price Rally Linked to Staking appeared first on Altcoin Buzz.