Zilliqa’s V9.2 Upgrade Successful: 15% Uptrend Ahead?
• Zilliqa (ZIL) token rallied 20% ahead of its v9.2 upgrade on July 1-5, peaking at $0.025 in the European session.
• Technical analysis suggests a 15% rally once the token breaks out of its ‘rising channel’ formation.
• The v9.2 upgrade was successful and introduces features such as enhanced interoperability between Ethereum Virtual Machine (EVM) and Scilla as well as fungible tokens via ERC-20 and ZRC-2 smart contracts.
Zilliqa Token Rallies Ahead of Upgrade
Zilliqa (ZIL) token managed a 20% rally July 1-5, peaking at $0.025 in the European session, i.e., hours leading up to the anticipated network upgrade. However, after the said upgrade had been deployed, ZIL partially pared its gains, receding to $0.021 in the New York hours.
Technical Analysis Suggests Bullish Move Ahead
The ZIL four-hour chart suggests a 15% advance ahead based on a technical setup named the ‘rising channel’ which features two parallel trendlines that enclose the price action and prevent sharp moves in either direction. Notably, if the channel remains relative, ZIL could rally another 15% and reach the resistance trendline in upcoming sessions.
V9.2 Mannet Upgrade Successfully Deployed
The V9.2 Mannet upgrade introduced several enhancements and new features designed to optimize performance and strengthen cross-chain functionalities such as enhanced interoperability between Ethereum Virtual Machine (EVM) and Scilla as well as fungible tokens via ERC-20 and ZRC-2 smart contracts.. Binance exchange also asserted it would support this upgrade by handling all technical requirements for users holding ZILLIQA in their Binance accounts..
Potential Impact on Price Action
This successful deployment might boost Zilliqa’s chances for a bullish move ahead with an expected 15% uptrend in coming sessions if it manages to break out of its ‘rising channel’ formation .