ZIL price continues to show impressive gains since last week. The price break the long-time consolidation and rallied 100% in a single day on Saturday. ZIL price opened higher and tested the fresh yearly highs at $0.22.
- ZIL price extends the gains on Thursday.
- More gains towards $0.25 as volume supports the current price action.
- The price retraces modestly after testing multi-month highs around $0.22.
As of publication time, ZIL/USD trades at $0.19, up 6.56% for the day. The 24-hour trading volume holds higher with gains of nearly 68% at $7,383,900,502 as per the CoinMarketCap.
ZIL price set to explode
On the daily chart, the ZIL price is making records every day after breaking out the $0.50 mark on March 26. The sudden buying impulse with strong volumes supports ZIL’s price as it skyrockets in less than a week. Investors gained nearly 450% gains in the last few days.
After testing the multi-month highs the price retraced lower modestly but still standing strong. A daily close above the psychological $0.20 level will be a deciding factor for another bull run in the asset.
On moving higher the first upside target will be found at the $0.25 level, the levels last seen in May. Further, a resurgence in the buying pressure might push the price to create historic highs above $0.30.
On the flip side, if the price failed to sustain the session low then it could revisit the horizontal support line at $15.0. Additional selling pressure would bring the lows of Wednesdays back into action at $0.98.
Technical indicators:
RSI: The daily Relative Strength Index holds near the overbought zone indicating the market is overheated. The current reading is 88.
MACD: The Moving Average Convergence Divergence trades above the mid-line with a bullish bias.
Trading volume: The On-balance volume indicator jumps to the all-time high levels indicating the demand pressure behind the rise in price.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/ziliqa-price-prediction-zil-price-tests-multi-month-highs-keep-eyes-on-0-25/