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ZIL Price Zooms 10%; Is $0.16 Possible?

ZIL price trades higher with significant gains amid sustained buying pressure. The price extends the gains for the second straight session in a row after bottoming out near $0.10. A successful breakout above the upper resistance could yield further gains in the asset.

  • ZIL price prints handsome gains on Thursday in a quite broader crypto market.
  • Expect more gains if the price break above $0.14 on the daily basis.
  • The downside is capped near the 50-day EMA at $0.91.

As of writing, ZIL/USD is exchanging hands at $0.12, up 11.12% so far.

ZIL price set up the bullish trading frame

Source: Trading view

On the daily chart, the ZIL price found strong support near the $0.10 level. The price moves along the ascending trend line, which is extending from the low of $0.04 made on March 26.

The price rallied more than 400% to the all-time high of $0.23 made on April 1. Since then the price retraced nearly 56% to the swing lows of $0.10. The bullish slop line acts as a support for the bulls.

Currently, a big green candlestick indicates the strong bullish momentum that pushed the price higher. Now, a daily close above the session high would bring more gains at the highs of April 4 at $0.16.

On the flip side, a spike in sell order would invalidate the bullish outlook on the asset. Further, a break below the ascending trend line would amplify the selling toward the 50-day EMA at $0.90, followed by $0.75.

Technical indicators:

RSI: The daily relative strength index attempts to break above the average line. Currently, it reads at 55.

PVT: The price-volume trend indicates bulls are still on the front foot.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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