ZIL rallies 71% ahead of Cancun EVM upgrade: can it go higher？

Zilliqa ($ZIL) is one of the best performers among the top 200 cryptocurrencies by market cap after adding 71% to its value in the last 24 hours.

The rally comes ahead of its upcoming Cancun upgrade this week, with investors optimistic about $ZIL despite the broader weakness in the crypto market.

The strong buying interest enjoyed by $ZIL issupported by rising trading activity and improving derivatives metrics.

Zilliqas Cancun EVM version support pushes price above $0.007

Copy link to section

The broader

cryptocurrency

market has underperformed since the start of the week, but Zilliqas $ZIL is one of the exceptions.

It has added 71% to its value since Monday and is now trading at $0.00731 per coin.

The rally comes as Zilliqas upcoming Cancun Ethereum Virtual Machine (EVM) version support has boosted investor confidence.

The upgrade will be activated on the mainnet through a hard fork and is scheduled for Thursday.

According to the team, the update aims to deliver faster communication and finer-grained control.

Furthermore, Zilliqas community updates blog on Monday revealed that Liechtenstein Trust Integrity Network (LTIN) will join the Zilliqa network.

LTIN will now become the first government-backed institutional validator, reinforcing Zilliqas regulatory-readiness direction.

The upcoming hardfork and LTIN joining the Zilliqa ecosystem have boosted bullish sentiment among investors.

In addition to that, on-chain and derivatives data show a bullish bias for $ZIL.

According to Santiment, the Zilliqa ecosystems trading volume (the aggregate trading volume generated by all exchange applications on the chain) reached $278.07 million on Tuesday.

This is the highest level recorded since December 2024. The volume surge indicates that more traders are interested in Zilliqa, adding more liquidity to the market and boosting its bullish outlook.

According to CoinGlass, the futures OI in Zilliqa at exchanges reached $68.46 million on Tuesday, up from $5.72 million on Monday, the highest levels since December 9, 2024.

The increasing OI represents new or additional money entering the market and new buying, which could fuel the current $ZIL price rally.

Is $ZIL rallying towards the $0.009 resistance？

Copy link to section

The $ZIL/USD 4-hour chart is bullish and efficient as Zilliqa is one of the best-performing cryptocurrencies in the market since the start of the week.

It is trading above the 200-day Exponential Moving Average (EMA) at $0.007 after adding 71% to its value and could rally higher in the near term.

If $ZIL continues its upward trend, it could extend the rally toward the next resistance level at $0.009 for the first time since October 14.

The Relative Strength Index (RSI) on the 4-hour chart reads 83 (overbought).

The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Monday, further supporting the bullish view.

However, if $ZIL faces a correction, it could extend the decline toward the 100-day EMA at $0.006 in the near term.