- ZIL token price is trading above the supply zone turned demand zone after breaking the green trendline.
- The token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of ZIL/BTC is trading at the price of 0.0000020 with an increase of 4.62% in the past 24 hours.
The ZIL token price as per the price action is super bullish and the same is depicted on the daily chart. The ZIL token price was forming higher high and lower low formations from the supply zone and demand zone respectively. As a result, the token formed a symmetrical triangle pattern on a daily time frame. Recently, the ZIL token price broke out of the symmetrical triangle on the upside. Due to strong bullish pressure, the token price continued the bullish trend and therefore the token price can be seen halting for a moment in the upcoming days, before showing a further up move. At present, the token price is trading above the 50 MA and 14 SMA. Going forward the token price can be seen resting at these Moving Averages. Despite the bullish momentum the ZIL token price is yet to break the 100 Moving Average. The ZIL token price is trading at the upper band of the Bollinger band indicator and after bouncing off the lower band of the indicator. Volumes have increased causing the volatility to increase as the token price broke the green trendline long-term supply zone.
The ZIL token price has broken the important supply zone on a 4-hour time frame
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is trading at the level of 64.11. The RSI curve has crossed the halfway mark of 50. The ZIL token price has given a breakout of a cup and handles pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend: Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the token price has started moving up slowly. As of now, the token price has broken the super trend sell line which has triggered a buy line.
CONCLUSION: The ZIL token price is trading at the demand zone after breaking the supply zone. At present, the token price is bullish as the technical parameters suggest. The token price has given a breakout of an important supply zone on all the lower time frames. Therefore the investors can expect a bullish momentum in the upcoming days.
SUPPORT: $0.04 and $0.042
RESISTANCE: 0.50 and $0.52
