ZIL price continues to show impressive gains since last week. The price break the long-time consolidation and rallied 100% in a single day on Saturday. ZIL price opened higher and tested the fresh yearly highs at $0.22.
- ZIL price extends the gains on Thursday.
- More gains towards $0.25 as volume supports the current price action.
- The price retraces modestly after testing multi-month highs around $0.22.
As of publication time, ZIL/USD trades at $0.19, up 6.56% for the day. The 24-hour trading volume holds higher with gains of nearly 68% at $7,383,900,502 as per the CoinMarketCap.
ZIL price set to explode
On the daily chart, the ZIL price is making records every day after breaking out the $0.50 mark on March 26. The sudden buying impulse with strong volumes supports ZIL’s price as it skyrockets in less than a week. Investors gained nearly 450% gains in the last few days.
After testing the multi-month highs the price retraced lower modestly but still standing strong. A daily close above the psychological $0.20 level will be a deciding factor for another bull run in the asset.
On moving higher the first upside target will be found at the $0.25 level, the levels last seen in May. Further, a resurgence in the buying pressure might push the price to create historic highs above $0.30.
On the flip side, if the price failed to sustain the session low then it could revisit the horizontal support line at $15.0. Additional selling pressure would bring the lows of Wednesdays back into action at $0.98.
Technical indicators:
RSI: The daily Relative Strength Index holds near the overbought zone indicating the market is overheated. The current reading is 88.
MACD: The Moving Average Convergence Divergence trades above the mid-line with a bullish bias.
Trading volume: The On-balance volume indicator jumps to the all-time high levels indicating the demand pressure behind the rise in price.
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