Zilliqa (ZIL) is a project which primarily looks to tackle Ethereum’s scalability issue via a process known as “sharding”. Sharding breaks down blocks to smaller, “partitioned” blocks to help increase the number of transactions per second. By creating smaller blocks, miners are essentially able to process transactions in a quicker and more efficient manner. This creates the potential to increase Ethereum’s sub 10 TPS to over 2000 TPS.
If we look at Zilliqa’s chart, we can see that the price has been ranging between the two highlighted zones. The lower support zone being $0.0165-$0.0182, and the upper $0.0211-0.0231. Price has struggled to clear the top range, with a daily top-end of $0.0280 created in early April. However, that lead to a sell-off down to the bottom region.
With the overall altcoin market looking to start its own bull-run, ZIL still looks as if it may spend some time still ranging before any significant surge. A clear break of $0.028, and ideally reaching the $0.03 level would set up a potential upside surge, but the two support zones remain key for the short-term outlook.