ZIL price trades higher with significant gains amid sustained buying pressure. The price extends the gains for the second straight session in a row after bottoming out near $0.10. A successful breakout above the upper resistance could yield further gains in the asset.
- ZIL price prints handsome gains on Thursday in a quite broader crypto market.
- Expect more gains if the price break above $0.14 on the daily basis.
- The downside is capped near the 50-day EMA at $0.91.
As of writing, ZIL/USD is exchanging hands at $0.12, up 11.12% so far.
ZIL price set up the bullish trading frame
On the daily chart, the ZIL price found strong support near the $0.10 level. The price moves along the ascending trend line, which is extending from the low of $0.04 made on March 26.
The price rallied more than 400% to the all-time high of $0.23 made on April 1. Since then the price retraced nearly 56% to the swing lows of $0.10. The bullish slop line acts as a support for the bulls.
Currently, a big green candlestick indicates the strong bullish momentum that pushed the price higher. Now, a daily close above the session high would bring more gains at the highs of April 4 at $0.16.
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On the flip side, a spike in sell order would invalidate the bullish outlook on the asset. Further, a break below the ascending trend line would amplify the selling toward the 50-day EMA at $0.90, followed by $0.75.
Technical indicators:
RSI: The daily relative strength index attempts to break above the average line. Currently, it reads at 55.
PVT: The price-volume trend indicates bulls are still on the front foot.
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