HomeWhy is Zilliqa up by more than 70% today?

Why is Zilliqa up by more than 70% today?

Hassan Maishera

The cryptocurrency market has underperformed today, but Zilliqa has added more than 70% to its value.


The broader cryptocurrency market has lost 0.50% of its value in the last 24 hours. Despite that, the total market cap remains above $2.1 trillion, with Bitcoin and Ether recording slight losses.

Bitcoin is trading just below the $47k level after losing less than 2% of its value so far today. Ether has declined by 2% so far today but continues to trade above $3,300 per coin.

ZIL, the native token of the Zilliqa ecosystem, is the best performing coin among the top 100 cryptocurrencies. ZIL has added more than 70% to its value so far today, bringing its total gain for this week to $250%.

The primary catalyst behind Zilliqa’s rally is its partnership with Ramp. Ramp announced its partnership with Zilliqa on Tuesday. The move will see Ramp facilitate fast, secure and frictionless fiat-to-crypto payments using the ZIL token. 

Ramp users can now purchase ZIL using the Ramp wallet within a few minutes. 

Key levels to watch

The ZIL/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that Zilliqa is currently performing excellently.

The MACD line is above the neutral zone, indicating a strong bullish momentum for ZIL at the moment.

The 14-day relative strength index of 72 shows that ZIL is heading into the overbought region soon.

If the positive momentum is maintained, ZIL could surpass the first major resistance level at $0.20 over the next few hours. In the event of an extended rally, ZIL could break past its previous all-time high of $0.25 over the coming days. 

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