- The ZIL token price is resting at the long-term demand zone on a daily time frame.
- The token price is forming a falling wedge pattern on a daily time frame.
- The pair of ZIL/BTC is trading at the price level of 0.0000013 with a decrease of -1.09% in tbe past 24 hours.
The ZIL token price as per the price action is trading at the long-term demand zone after it failed to sustain at the supply zone. At present on a larger time frame, the token price is trading in the very same range. While on the daily time frame the token price is forming a lower low and lower high price structure. The token price is in a strong consolidation in a 4-hour time frame at the demand zone. The recent fall in the token price was strong and rapid without any pullback and therefore the recent bounce off the demand zone acted as a pullback as the ZIL token price again fell. The ZIL token price is trading below the 50 and 100 Moving Averages. The recent fall in the price of the ZIL token price has resulted in the token price falling below the important MAs. Moving upwards the token price can be seen facing strong rejection from these MAs. The ZIL token price is currently trading at the lower band of the Bollinger band after failing to surpass the upper band. Volumes have increased as the token price fell.
The ZIL token price is forming a falling wedge pattern on a daily time frame
Relative Strength Index: RSI curve is currently trading at the level of 40.45.RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the ZIL token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further.
Supertrend: The ZIL token price fell as it faces strong rejection from the supply zone. Until now the token price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend line. As a result, the token price fell and the super trend indicator triggered a sell signal. Moving upward the ZIL token price can be seen facing strong bearish pressure while approaching the supply zone.
Moving Average Convergence Divergence: The ZIL token price is bearish as it fell below the important breakout zone. Currently, as it rests at the demand zone, the MACD indicator has given a negative crossover. The orange line crossed the blue line on the upside. If the token price fails to sustain above the demand zone, then the fall in the price of the ZIL token can result in the MACD line widening supporting the trend.
CONCLUSION: The ZIL token price has fallen to the demand zone, following the overall bearish sentiments in the cryptocurrency market. The recent fall has resulted in the technical parameters turning negative. Indicating bearish momentum in the upcoming trading days. Once the token price breakout of the falling wedge pattern on a daily time frame, it can be seen rising. Investors should remain cautious and wait for a clear trend.
SUPPORT: $0.030 and $0.028
RESISTANCE: $0.046 and $0.052
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.