ZIL price extends the gains for the second consecutive session on Wednesday. The current price action suggests the formation of impressive gains with a bottom reversal pattern as it bounces off a stable support level. A resurgence in the buying pressure is what investors can expect ZIL price to zoom swing highs.
- ZIL price prints handsome gains for the second day in a row.
- A well-formed support zone around $0.10 could push the price toward $0.15.
- However, a slippage below $0.10 would invalidate the bullish outlook.
ZIL price looks for the upside
ZIL price has shot up after breaking the trading range, extending from $0.10 on April 11. Although ZIL price rallied near the $0.12 with a single-day gain of 7%. As the price currently hovers near the upper level amid the renewed buying pressure, investors could enter here to participate in the next upside rally.
ZIL price made a lifetime high at $0.23 on April 1 but bulls failed to sustain the gains beyond the level. The price retraced 56% to the recent lows made on April 13. However, the bottom buying opportunity prompts the price to move back to $0.12.
Still, the price holds above the crucial moving averages, indicating the strength in the current price trend. On moving higher, the price will seek the target of April 4 at $0.16.
Although the things look optimistic for the asset still the spike in sell orders could reverse the prevailing trend. In that scenario, the investors would collect the liquidity near the 50-day EMA (Exponential Moving Average) at $0.0957 followed by the lows of March 27 at $0.0848.
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As of press time, ZIL/USD reads at $0.12, up 7.99% for the day.
Technical indicator:
Stochastic Oscillator: The oscillator moves sharply from the oversold zone with a strong bullish bias.
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