Zilliqa Added to Coinbase Pro Much Sooner Than Expected — Can the Buyers Now Power Above $0.022 to Turn Bullish?

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  •  Zilliqa has been added to the popular exchange Coinbase Pro today.
  • The mainnet upgrade is scheduled for January 31, 2019 which will see Zilliqa implementing updates to improve the network’s security and throughput.
  • Support moving forward: $0.01605, $0.01539, $0.01431, $0.01233, $0.010.
  • Resistance moving forward: $0.018, $0.02029, $0.022, $0.02499, $0.02627, $0.02799, $0.03044.

Latest Zilliqa News

It’s official! Zilliqa has been added to the Coinbase service through their Coinbase Pro platform. There was much speculation as to which coins would be next in line to be added to Coinbase as they continue to expand their listings.

Zilliqa was added alongside DAI, MKR and GNT.

Many believed the addition of ZIL, if at all, would not happen until after the release of their latest upgrade to the mainnet due on January 31, 2019. Nevertheless, the cryptocurrency has been added earlier than expected, and ZIL supporters can celebrate the greater liquidity and exposure that Coinbase Pro can provide.

Zilliqa is intended to be a high performance blockchain that will conquer the lack of scalability that top projects such as Bitcoin and Ethereum face today.

The team had earlier announced their launch of testnet version 3.0, dubbed as “Mao Shan Wang,” which aims to make Zilliqa the world’s highest performing blockchain with the greatest throughput to date.

The testnet is designed to thoroughly evaluate the stability and security of their latest upgrades before it heads over to the mainnet in late January 2019. Mao Shan Wang is said to be the first testnet that officially implements Network Sharding, Transaction Sharding and Smart Contract Sharding all at the same time.

It also aims to give ZIL miners a chance to get used to the new PoW mining system as it is slightly more complicated than your typical network to mine on.

The testnet features a change to mining that is much more cost-effective and eco-friendly. This is because the GPUs are only at full load for a small period of time as PoW is used to only establish identity.

Once the mainnet is launched, the team will implement a bootstrap phase to protect the network while it has a low hash power. The miners will still be able to mine, but transactions will not be processed until the network has enough hash power to be able to secure the network.

Let’s take a look at price action for ZIL/USD over the past few weeks and highlight any potential areas of support and resistance.

ZIL Price Analysis

Zilliqa has seen a strong 10% price hike over the previous 24-hour trading period as the cryptocurrency now trades at a price around $0.016, at the time of writing.

The market has seen a further 7-day price increase totaling 15% after suffering a disastrous 90-day trading period where price action plummeted by 51%.

The Zilliqa project is now ranked in 38th position and retains a $126 million market cap. The 11-month old cryptocurrency is now trading at a value that is 92% lower than its all-time high price

Looking the market from the short-term perspective above, we can see that ZIL/USD had suffered greatly during the November 2018 cryptocurrency bloodbath. Price action plummeted below our long-term highlighted support level at the downside 1.618 Fibonacci Extension level (drawn in orange) priced at $0.02627.

ZIL/USD continued to fall in December 2018 until price action had found support at another long-term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $0.01233.

The market has recently rebounded from this area, and has started to rise over the past few days as the price of Bitcoin started to reverse.

Trend: Bullish Above $0.22

Although the market may have rebounded slightly, the overall long term trend for ZIL is overwhelmingly bearish.

ZIL/USD is currently trading in a neutral market condition, and can only be considered confidently bullish if price action breaks above $0.22.

Where is the Resistance for ZIL Toward the Upside?

If the recently-established bullish momentum can continue to climb, ZIL/USD will approach immediate resistance above at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.01831.

This area of resistance is also bolstered by the previous downside medium-term 1.414 Fibonacci Extension level (drawn in green) priced in the same area.

If the buyers continue above this area of combined resistance, then higher resistance will be located at the previous long-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.02.

This is followed by the bearish .382 and .5 Fibonacci Retracement levels (drawn in red) priced at $0.022 and $0.02499, respectively.

Where is the Support Located Beneath the Market?

If the sellers regroup and push the market below current support at $0.016, we can expect immediate support below to be located at short-term Fibonacci Retracement levels (not drawn on the chart) .382 (priced at $0.01339) and .618, (priced at $0.01431).

Further strong support below this can then be expected at the long-term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $0.01233.

What Are the Technical Indicators Showing?

The RSI has recently popped up above the 50 handle to indicate that the bulls have taken control of the market momentum.

Price action has also managed to break above the 7-day EMA (blue moving average) but is currently struggling to travel further above the 21-day EMA (purple moving average).

Conclusion

The addition of Zilliqa to Coinbase Pro is a great milestone, particularly because it is one of the earliest coins to be added. With the upcoming launch of the mainnet upgrade to look forward to, the future looks bright for the Zilliqa project.

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