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Zilliqa (ZIL) has enjoyed significant bullish movement this week as more investors flock to the token. However, what are the exact reasons for this enthusiasm and sudden increase?
Feedback on the evolution of the price of the ZIL token
As of this writing, the price of ZIL token it stands at $0.02413, which indicates an increase of more than 2.72% over the past 24 hours. This is a noteworthy performance as it outpaces the market growth over the same period.
But to really understand how big the rise in ZIL is, you need to look at a slightly different time scale: Over the past two days, the price of ZIL has soared by more than 41.65%. As a result, ZIL moves up into the group of best-performing altcoins for early 2023.
Benefiting from solid fundamentals and a pronounced upward move, it is still interesting to note that the strong activity in the price of the ZIL token has not been enough to push its technicals forward. The token is still being penalized by its main moving average (MA) indicators ranging from the 10-day moving average at $0.02417 to the 200-day moving average at $0.02441.
However, ZIL should be able to outperform many of these metrics if the current trend continues. The “Moving Average Convergence Divergence” (MACD) shows that the ZIL still indicates a potential sell signal, even if the RSI indicator (for Relative Strength Index) is at 48.33 showing that the asset is not yet in the zone of overbought.
EVM Compatibility Strengthens Zilliqa’s Prospects
In a message posted on official blog of the project, the Zilliqa developers recently confirmed that the platform will now be compatible with the Ethereum Virtual Machine (EVM).
With EVM compatibility, the entire Zilliqa ecosystem will be able to communicate effortlessly with other networks that share this feature. The Zilliqa blockchain promises to be more open and functional, with huge potential for decentralized finance (DeFi) and much more.
Users will then be able to use EVM tools and crypto wallets like MetaMask without the need to trade wrapped assets or resort to bridging. This should significantly improve the user experience and make it easier to store your assets across multiple networks.
New crypto projects in pre-sale phase to keep an eye on
Although the ZIL token has been considered one of the best performing assets in recent days, it is not the only project worth considering for high returns. Investors are particularly restless at the moment due to the numerous pre-sales that are causing a stir in the markets, here are a selection of them.
Fight Out is a new platform move to earn (M2E) which aims to enable its community to earn money by strengthening their health and physical condition. The platform works in coordination with a mobile application that records key vital signs, and also aims to reward its users by offering them FGHT tokens as they progress.
Fight Out also includes a version of the user represented in the form of a virtual avatar, the latter being able to explore the metaverse to be able to perform physical activities and participate in competitions or special events. Furthermore, the vital characteristics of these avatars will be correlated to the sports progress of the users in real life.
So far, the FGHT token is available for presale and has managed to raise $2.81 million thanks to a very positive market reaction to the ambitions of the latest move-to-earn industry project.
Click 2 Exchanges (D2T)
Dash 2 Trade is a project whose pre-sale has generated a lot of enthusiasm from investors as it has just achieved its goal of $15 million picked up and announced its listing on 4 major exchange platforms: BitMart, Gate.io, LBank and Uniswap tomorrow, Wednesday January 11th at 10am (UTC).
Dash 2 Trade’s goal is to help investors better monitor the markets through a variety of tools. It is possible to find among the features offered technical indicators, data relating to the prevailing sentiment in the market, but also automatic trading strategies and registration alerts in case of a new listing.