- The short-term is in the downtrend while the medium-term outlook is in a range-bound market.
- Selling opportunity at key area may be considered.
ZIL/USD Medium-term Trend: Ranging
Supply zone: $0.02500, $0.02600, $0.027000
Demand zone: $0.01600, $0.01500, $0.014000
ZILUSD continues in a range-bound market in the medium-term. The bullish pressure was sustained with a breakout at the upper supply area on 6th June. ZILUSD rose to $0.02633 in the supply area before exhaustion with spinning top formation.
The bears returned was signaled with the break at the 10-EMA support area as price dropped initially to $0.02214 and later to $0.02091 before the end of yesterday session. ZILUSD was back in the range as the cryptocurrency continues in the range.
ZILUSD is in consolidation and trading between $0.023000 in the upper supply area and at $0.018480 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ZIL/USD short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The attempt by the bulls to push price higher at the trendline was met with a bounce due to rejection and bears gradual return.
The bulls are in control of the market at $0.02091 in the demand area as confirmed by the hammer formed at this area. ZILUSD rose to the trendline at $0.0207 with wicks formation which implies the bear area gradually taking over and the expected bounce to the downside imminent.
$0.02050 in the demand area is up for retest as the bearish momentum increase in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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