• The medium-term is in a downtrend while the short-term outlook is in a range-bound market.
•  Patience is required trading the consolidation in the short-term.

ZIL/USD Medium-term Trend: Bearish

Supply zone: $0.02500, $0.02600, $0.027000
Demand zone: $0.01600, $0.01500, $0.014000

ZILUSD remains is in a bearish trend in the medium-term. The bears sustained the downward price movement after yesterday opening price at $0.02135. Increased momentum pushed the coin further down to $0.01901 as the low of the day.

The bulls had a brief control today as the market opens at $0.01199. ZILUSD rose to $0.02158 but lost momentum as the bears took control of the market. The coin fell to $0.01896 in the demand area.

A bounce at the trendline is most expected at each touch of price. With the signal of the stochastic oscillator pointing down at 53% and price below the two EMAs, this suggests downward continuation in price in the medium-term.

$0.01800 in the demand area remains the bears’ target in the medium-term

ZIL/USD short-term Trend: Ranging

The cryptocurrency continues in consolidation in the short-term outlook. The bears failed to sustain the downward momentum each time a break down at the lower price range occurred due to exhaustion.

Today’ session has the bears drop the coin at $0.01921 and $0.01896 respectively. The bulls returned and push price back into the range.

Currently, price is above the two EMAs and the signal of the stochastic oscillator pointing up at 53%. It suggests an upward momentum in price within the range in the short-term.

ZILUSD is in consolidation and trading between $0.02200 in the upper supply area and at $0.01950 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.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.