- ZIL shows lose in momentum with low volumes.
- Buyers unable to gain further bullishness and hovering below the lower trendline.
ZIL price shows hovering near the support mark of $0.2200 and is unwilling to move out of the congestion zone. Moreover, the low volumes show lower interest from investors not interested in the coin. Furthermore, the price action shows weakness on the chart, and the coin does not show any wild moves rather than outperforming in the past months.
The price chart shows a breakdown of the rising wedge pattern, and sellers aggressively made short positions and sunk the price below the 20-day EMA. Furthermore, the coin being unable to retest the 20 EMA in the last week shows that bulls lost strength, and no signs of bounce and pullback were there.
When writing, ZIL coin trades at $0.2290 with an intraday gain of 0.48% below neutral moves. Moreover, the pair of ZIL/BTC is at 0.000000860, and the intraday trading volume increased by 2.75% to $9.03 Million. Furthermore, the intraday high of ZIL is $0.02334, and the low is $0.02283. The coin showed underperformance in the last couple of trading sessions with lower trading volumes.
Daily Charts Shows Bearishness
The ZIL coin shows a mild bearish outlook on the daily charts and has not outperformed in the past three months. ZIL stayed in a narrow range and could not leave the congestion zone.
On the daily charts, the ZIL coin shows a downside from the recent trading sessions but holds the gains near the strong support mark of $0.0.2200. ZIL price has been trading below its key EMA on the weekly technical chart and showing weaker cues.
ZIL coin shows bearish candles were being formed, bringing the price down towards the support. Although, the coin established a base that sellers could not break further. The token registered a bounce from the lower Bollinger band and held the price to stay in the particular range in the last trading sessions.
What Technical Indicator Says?
On the 4-hour charts, the ZIL coin remained in a narrow range and underperformed in the last months. The bears showed dominance, and bulls were trapped in the past weeks. Furthermore, there is a firm grip attained by sellers who need help to move near the supply mark.
The RSI slipped below the neutral marks, and a negative crossover was noted in the index curve. Moreover, there are negative cues indicated based on recent corrective moves.
The MACD indicator began to plot green bars on the histogram and show minor bullishness as the price held the gains other than a downfall.
Conclusion:
ZIL coin is stuck in the congestion zone, and the mighty bears lead the traction.
Technical levels
Support levels: $0.02000
Resistance levels: $0.02500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.