ZIL Technical Analysis: Will Buyers Surpass $0.10 Mark?

Key technical points:

Past Performance of ZIL

The ZIL prices are stuck in a bearish market, as the downswing began after the rejection by $0.20 has turned April scarlet red. The deflation led to the market price falling lower than the $0.080 mark at the end of April. However, the first few days of May are marked with green as the bullish reversal is retesting that $0.80 fallout.

Source-Tradingview

ZIL Technical Analysis 

ZIL price action shows a bullish candle spiking above the $0.080 level and challenging the 200-day EMA. However, buyers must wait for closing above the resistance to avoid a bull trap. 

The bullish rally challenging the 200-day EMA will mark a buying opportunity if the candle manages a closing the obstacles. However, the 20 and 50-day EMA give a bearish crossover marking a short-term selling surge.

The MACD and signal lines find a sudden attraction resulting in a decrement in the bearish spread and projecting the possibility of a bullish crossover. Moreover, the falling distribution of MACD histograms represents a bearish weakness. 

The RSI value finds a sudden surge in underlying bullish as it reverses from the oversold boundary reflecting a bullish revolt ready to surpass the 14-day average.

In a nutshell, ZIL technical analysis shows a high likelihood of a breakout rally above the $0.10 mark.

Upcoming Trend 

If the ZIL market price provides an upbeat closing, it will be over the $0.80 resistance zone, and the 200-day EMA will signal a potential bull run over the psychological threshold of $0.10. However, the resistance zone is located at 0.786 Fibonacci level lowering the possibility of a prolonged bull run. 

So, a higher possibility exists of sellers regaining control over the trend to push below the $0.058 threshold to test the psychological barrier of $0.050.

Support Levels: $0.058 and $0.050

Resistance Levels: $0.080 and $125