• The short and medium-term outlook is in a range-bound market.
• Patience is required trading the consolidation.
ZIL/USD Medium-term Trend: Ranging
Supply zone: $0.02500, $0.02600, $0.027000
Demand zone: $0.01600, $0.01500, $0.014000
ZILUSD remains in consolidation in the medium-term. The bulls maintained the momentum within the range as markets opened today at $0.01083. The rally got price initially at $0.01156 and later $0.01168, above the upper supply area of the range but the candle closed within the range.
The exhaustion denoted by wick at the supply area imply takeover of the market by the bears as price drops to $0.01056.
Price is below the two EMAs and the stochastic oscillator points down at 52% suggesting downward momentum in price within the range in the medium-term.
ZILUSD is in consolidation and trading between $0.01150 in the upper supply area and at $0.009500 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ZIL/USD short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The bulls broke the upper supply area and pushed the coin to $0.01154 shortly after today’s opening at $0.01073. The bulls pushed price further high after a minor correction the retested the broken upper supply area.
Price is below the two EMAs at $0.010865 and the stochastic oscillator signal points down at 20% suggesting a downward movement in price within the range in the short-term.
$0.001100 is the upper supply area while $0.001000 is the lower demand area. A breakdown or breakout in price may occur, hence patience should be exercised before taking a position after retest.
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