ZIL Technical Analysis: Channel Breakout Intensifies Buying Pressure
Key technical points:
Past Performance of ZIL
Starting from April 2022, the ZIL buyers began to exit their position resulting in an uncontrollable downfall, lowering the market value by 75%. The bearish spiral took the shape of a falling channel pattern resulting in the breakout of $0.10 and crossing slightly below $0.050. However, the bullish recovery reclaims the $0.050 threshold with a 13% bullish engulfing candle resulting in the bearish pattern breakout.
Source- Tradingview
ZIL Technical Analysis
The increasing market demand for ZIL continues to increase its value during Asian market hours, however, it struggles to reach $0.058. Therefore, the smart investors should look for the retest of the trendline break or $0.058 breakout chance.
Bullish crossovers in the DMI indicator as well as the decline of the ADX line indicate a reduction in bearish momentum, which results in the trend reverse. So, with the current trend moving forward and the upcoming trend reversal, we will soon witness a rising ADX line which is a sign of the rising in the bullish momentum.
The VI lines have reclaimed an upward-facing alignment, thereby sabotaging the previous bearish crossing, and forecasting a high probability of an uptrend continuation. Furthermore, the MACD has a consistently increasing trend on both the slow and fast lines, suggesting a fresh bull run.
In essence, the bullish market environment will propel the price of ZIL over that $0.075 mark.
Upcoming Trend
If the breakout rally breaches the $0.058 mark then it will let loose the bullish momentum that has been stifled and may even cross the $0.075 threshold. However, an increase in the intraday trading volume is required for the bullish path to continue.
Resistance Levels: $1.50 and $2
Support Levels: $1 and $0.68