ZIL Resistance levels: $0.035, $0.038, $0.041
ZIL Support levels: $0.032, $0.029, $0.021
ZIL/USD Medium-term Trend: Ranging
The cryptocurrency has fallen for many days. Two days ago, the price was rejected at the support level of $0.29 with the formation of the bullish engulfing bars. The bulls took over the market and the price moved towards the resistance level of $0.032. Yesterday, the coin was consolidating between the resistance level of $0.035 and the support level of $0.032.
The coin fluctuates between the resistance level of $0.035 and support level of $0.029. Currently, the price of ZIL/USD is at a price of $0.035 in the range bound zone which is at the resistance level. In a ranging market, traders may decide to trade the key levels of the market in order to make some green pips. Traders may take a long trade at the support level then we exit at the resistance level and vice versa.
The Stochastic Oscillator period 14 is above 80, overbought level with its signal lines pointing downwards indicates a sell signal. In addition, the price of ZIL is below the 10-day EMA and the 50-day EMA together with the formation of bearish inside bar candle at the resistance level of $0.035 indicates that the price may go bearish. Nevertheless, a clear breakout and close above the resistance level of $0.035 would expose the coin to $0.038.
ZIL/USD Short-term Trend: Ranging
On the 1-hour chart, the price of ZIL/USD is within the resistance level of $0.035 and the support level of $0.032. Should the price break the support level of $0.032, there would be further decreases in price towards $0.032. On the chart, the Stochastic Oscillator period 14 is above 40 with the signal lines well separated and pointing towards south which indicates that the price is in the bearish trend.