1 billion ZIL staked in the first hours after the introduction of Zilliqa’s non-custodial staking platform
A convergence within a triangle is nearly reached, indicating that a breakout is expected in the coming days
The first target on the upper side will be $0.0228 before buyers can target $0.2750.
The Zilliqa (ZIL) price has spent the past 5 months in a triangular consolidation pattern. Now that two converging trend lines have almost touched, the digital asset is on the verge of a breakout. Here we take a closer look at where ZIL is expected to trade in November.
Fundamental analysis: 1 billion ZIL invested
Last week Zilliqa announced that one billion ZIL had been staked in the first hours after the official launch of Zilliqa’s non-custodial staking platform.
Zilliqa is a powerful block chain platform that serves next generation enterprise and distributed applications. Several months ago, it announced partnerships with KuCoin and Binance to provide stakeout services. However, the owners of ZIL can now participate directly in the intelligent contract, eliminating the need for a third party.
The stakeout platform will allow token owners to participate in governance polls and receive rewards.
1,000,000,000,000 $ZIL staked out in just a few hours And we are just getting started.
– MS pic.twitter.com/cDl8D76I0U- Zilliqa (@zilliqa) October 14, 2020
The launch has brought a new brand to the platform, the so-called governance ZILs or gZIL, which participants can earn along with other rewards for their efforts in ZIL. If 80% of the offer in circulation is staked, Zilliqa hopes to achieve a return of about 6%.
1 gZIL is delivered for every 1,000 $ZIL earned as a reward for placing bets. There is also a secure stakeout portal Zillion, which serves to facilitate the process by allowing third party wallets to be connected.
Three weeks ago, a decentralized Zilswap exchange and token swapping protocol was also introduced, allowing previously earned participants to be reinstated and ZIL to be merged to generate liquidity for rewards from yield farmers.
“We are excited to join our most innovative peers as we continue to develop viable DeFi offerings,” said Amrit Kumar, President and Chief Scientific Officer of Zilliqa.
However, the price of ZIL has dropped 4.5% in the first 24 hours after launch and is 90% lower than its all-time high in May 2018.
Technical analysis: consolidation is taking place
A series of higher lows and lower highs were recorded on the daily ZIL/USD chart, indicating that a consolidation is underway. The convergence is almost complete, suggesting that a breakout is likely to occur in the coming days.
Zilliqa Daily Chart (TradingView)
Since it is a symmetrical triangle, we do not have many indications of the future path of the price action. In this case, ZIL traders are advised to wait for a breakout before committing to a trade.
The first target on the upside is $0.0228 before buyers can target $0.2750. Alternatively, the targets on the downside are $0.01650 and $0.01350.
Zilliqa introduced a non-custodial staking platform on its main network, and just hours after launch, one billion ZILs were staked. On the other hand, it is expected that an outbreak of the ZIL pricing campaign will soon occur.