Resistance levels: $0.041, $0.045, $0.049
Support levels: $0.032, $0.030, $0.028
ZIL/USD Medium-term Trend: Ranging
The coin is ranging in its medium-term outlook. It started ranging immediately the upper resistance level of $0.041 was broken, with the formation of strong bullish candles and the price moved to the higher resistance level of $0.045at which the bears interrupted the uptrend movement of the price, which was confirmed by the formation of a strong upper long tail bearish candle. The price of the coin fell as price approaches the support level of $0.032. The Bears took control of the market as strong bearish candles were formed.
The price is on the support level of $0.032 still ranging. Should the support level of $0.032 is broken downside, the price will continue its bearish movement and expose to the lower support level of $0.029.
The price of ZIL is below the 10-day EMA and the 50-day EMA suggesting downtrend movement. Should the support level of $0.032 holds the price will rally to the north. The Stochastic Oscillator period 14 is below 10 levels (the oversold level) with its signal lines pointing to the south indicate sell signal.
ZIL/USD Short-term Trend: Bearish
ZIL/USD on the short-term outlook resumed its ranging mode shortly after the price was rejected from the resistance of $0.041 down to the support level of $0.032 by the Bears’ pressure. As at present the price is consolidating at the support level of $0.032. The price is below the 10-day EMA and the 50-day EMA, which indicates downward movement.
The Stochastic Oscillator period 14 is below 80 levels with the signal lines pointing downward which indicates that the price may move downward. There is a probability for the price to break the support level of $0.032 in case sellers increase their pressure.