- Over the daily price chart, the ZIL price has recently entered a descending triangle pattern.
- The crypto asset is moving below the 20, 50, 100 and 200 days moving average.
- The ZIL/BTC pair is at 0.000001815 BTC with an insignificant loss of 0.11%
The ZIL price has now entered a descending triangle pattern over the daily price chart. This shows the bulls are struggling to pump the price but currently the bears are dominating the price and are pushing it towards the lower arm of the triangle. The investors need to wait for an upswing in the market before making any decision.
The coin needs to gather its bulls to register a successful breakout or else if bears get the success the coin can hit the support level of $0.020 and that will make it challenging for the ZIL bulls to make a rebound. So now it is the time for bulls to come forward and support the coin and help it to sustain in the market.
The current price for one ZIL coin is moving at $0.038 with a gain of 3.37% in its market capitalization in the last 24 hrs. The coin has a trading volume of 129 million with a small gain of 2.86% in the 2 hrs reading session and a market cap of 505 million. The volume market cap ratio is 0.2514.
What do Technical Indicators Suggest?
The MACD indicator shows the buyers line is moving above the sellers signal line which shows the buyers are again participating to create a demand zone which will further pump the price. On the contrary relative strength index indicates a selling pressure is on the head of ZIL coin. The RSI value for ZIL is moving below 50. Whereas the EMA ribbons support the RSI and indicate a bearish dominance further. Ao the investors need to be ready as the technical indicators indicate an overall downtrend movement.
Conclusion
The ZIL price has now entered inside a descending triangle pattern over the daily price chart. The coin needs to gather its bulls to register a successful breakout or else if bears get the success the coin can hit the support level of $0.020. The technical indicators being a bit manipulative but suggest an overall bearish dominance. The investors need to wait for an upswing.
Technical levels
Resistance levels: $0.042 and $0.051
Support levels: $0.034 and $0.029
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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