ZILUSD Price Analysis – May 17
Further decrease in ZIL (Zilliqa) price is possible only when the Bears increase their momentum and the support level of $0.16 is broken downside.
Resistance levels: $0.20, $0.22, $0.25
Support levels: $0.16, $0.12, $0.08
ZILUSD Long-term trend: Bearish
On the long-term outlook, ZILUSD is bearish. The price action of the ZILUSD tested the resistance level of $0.25 twice; this formed a double top chart pattern on the daily chart on May 10. The double top pattern brought about the fall of Zilliqa (ZIL) price to the support level of $0.16 on May 13. The price bounces up to retest the $0.20. Further decrease in price is experience today and the support level of $0.16 is retested.
The Bears have pushed the price below the two EMAs. The trading of Zilliqa (ZIL) continues below 9 periods EMA and the 21 periods EMA. Further decrease in ZIL (Zilliqa) price is possible only when the Bears increase their momentum and the support level of $0.16 is broken downside. Meanwhile, the relative strength index period 14 is at 40 levels and the signal lines pointing down to indicate a further reduction in Zilliqa price.
ZILUSD medium-term Trend: Bearish
ZILUSD is bearish on the medium-term outlook. The coin was on the sideways movement within the resistance level of $0.25 and the support level of $0.22 two weeks ago. The Bears gained momentum and pushed down the price to break the support levels of $0.22 and $0.20 and the price tests $0.16 level.
The currency is trading below the 9 periods EMA and 21 periods EMA to indicate that the Bears are already taken over the ZILLIQA market. The relative strength period 14 is below 40 levels and the signal lines pointing down to indicate sell signal and a further decrease in price.