ZIL Technical Analysis: Correction Before A New Impulse
The ZIL cryptocurrency shot to $0.231 confirming the upper limits of the correction channel and removing all doubts about the continuation of the correction. High volumes of buyers failed to start a new growth wave. This means that there is still a large number of sellers on the ZIL market that need to continue to be bought out within the correction.
The first critical point for buyers to be able to resume their counterattacks is the $0.07 mark. At this point, the ZIL price is constantly slowing down, which leads to the formation of the liquidity range. In addition, the middle line of the correction channel passes near this mark. Given the fact that emotions in the ZIL market have not yet subsided (note the trading volumes), the probability of a volatile rebound from $0.07 to $0.14 is quite high. However, we will expect the fall wave to the lower limit of the correction channel to continue.
Technical Analysis Of ZIL On The Daily Timeframe
Analyzing the ZIL price movement on the daily timeframe, one can see that the fall wave from 1 April is not over yet. After a phenomenal hold of the price at local highs in the range of $0.19, sellers began an aggressive fall wave at increased volumes. So far, buyers are unable to form even a local correction. The Bitcoin price fully contributes to the continued decline of the ZIL market - so we do not recommend buying this cryptocurrency at the moment.
It is better to divide your investment into two parts. The first is the middle line of the correction channel $0.07-$0.08. The second point for buying ZIL is around $0.03. Yes, we agree that the distances are very large. But, the increased volatility of the ZIL cryptocurrency may not immediately fall and return to normal. If buyers have kept the initiative in the market, then below the mark of $0.07 the price should not go. In this case, a broad consolidation will be formed in the range of $0.07-$0.14, the purpose of which will be to accumulate positions to start a new wave of growth.
ZILBTC Price MovementZIL
In the weekly ZILBTC price timeframe, we see that this is not the first attempt by buyers to start a wave of growth in high volumes. The liquidity range of 0.00000134 was the first problem for buyers in April 2021, when they had to apply high trading volumes. Now the ZILBTC price is approaching this range and we expect a new rebound. How strong the rebound will be and whether sellers will have the strength to slow down the newly created growth wave and determine the ZILBTC price movement in the short term. Though, our intuition tells us that buyers will be able to update the local high and test at least the mark of 0.00000721.