The crypto market is falling, and the Bitcoin price is plunging!
After a brief upswing above $31,000, the bulls failed to hold the Bitcoin price above the gains, and as a result, the price dropped, driving the entire market down. The major altcoins, like Cardano, XRP, Solana, Dogecoin, Litecoin, etc., and many more, are experiencing a significant pullback that may keep the markets consolidated until the end of the day’s trade.
Amid the prolonged consolidation, Zilliqa and Waves display huge possibilities of triggering a bullish breakout as the technicals and fundamentals are both flashing bullish signals. Zilliqa and Waves, both blockchains, are scheduled to undergo a major network upgrade that may offer the required boost for the price in the coming days.
The network upgrade is supported by Binance and many other exchanges, and hence deposits and withdrawals on these networks have been halted until the completion of the upgrade process.
Zilliqa Network Upgrade and Its Impact on ZIL Price
The network is poised to deploy a significant upgrade to its mainnet with v9.2, which will introduce several enhancements and new features. These aim to optimize performance and strengthen cross-chain functionalities. The upgrade intends to increase the interoperability between the Ethereum Virtual Machine (EVM) and Scilla. This may ease the process of creating and launching NFTs using ERC-20 and ZRC-2 smart contracts.
Will this upgrade impact ZIL’s price?
The ZIL price has maintained its incremental approach ever since the price rebounded from the bottoms in June. The price failed to clear the crucial resistance zone between $0.024 and $0.025 as it faced a rejection after a contact. Besides, the RSI is varying, but the ADX is bullish, which indicates the price may trigger a bullish rebound soon. The mainnet upgrade may help the price rise above $0.025, which may further lift the price above $0.028 very soon.
Waves Network Upgrade & Its Impact on WAVES Price
Waves network is also undergoing a network upgrade to version 1.4.18 for the Mainnet, testnet, and Stagenet. This upgrade is mandatory for all the nodes where the block reward distribution is adjusted using a new feature. If this feature is activated, then features 20 and 21 will be activated on the mainnet. Therefore, a notable impact on the WAVES price is expected in the next few days.
The WAVES price, with the recent upswing, has broken above the bearish pattern and surged high but failed to enter the bullish pattern. The RSI is plunging while, the MACD is bullish which indicates the price may follow a consolidated trend for a while before a healthy breakout above the ascending trend line.
