The Zilliqa price has been in a tight range in the past few weeks. ZIL is trading at $0.0965, where it has been in the past few days. The price is about 89% above the lowest level in July while the total market cap of the ZIL token is at $1.1 billion. It is now the 90th biggest cryptocurrency in the world according to CoinMarketCap.
ZIL fundamental analysis
Zilliqa is a blockchain project that is best known for introducing the concept of sharding in a bid to increase speeds. Through network sharding, Zilliqa divides the mining network into relatively small groups known as shard. As a result, these shards are able to increase the overall throughput of the network.
Zilliqa also uses the Practical Byzantine Fault Tolerance (PBFT) protocol for consensus within each shard. In PBFT, all nodes are order in a sequence that has one primary leader and others known as backup nodes. The phases of the PBFT are pre-prepare, prepare, and commit phase.
While Zilliqa was the first network to introduce sharding, it currently faces strong competition, which explains why its price has lagged. In the past few months, platforms like Solana, Avalanche, and even Binance Smart Chain (BSc) have gained more traction among developers.
Meanwhile, Zilliqa announced that Dr. Ben Livshits will become the new CEO of the company. Before the new role, he was the Chief Scientist at Brave. Therefore, Ben will have the tough role of making Zilliqa a household name in the industry.
Zilliqa price prediction
The four-hour chart shows that the Zilliqa price found a strong top at $0.1073, where it struggled to move above several times this month. The price is now slightly below the 38.2% Fibonacci retracement level. It has also moved slightly above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, at this point, the ZIL price forecast is neutral with a bearish bias since it seem like it has formed a triple-top pattern. The bearish view will only be confirmed if it drops below the key support level at $0.0868.