ZIL Price Analysis – June 27
The current price momentum has been less volatile, wherein the bearish movement in the price becomes steadier. The traders can expect a further decrease in price.
Resistance levels: $0.020, $0.029, $0.034
Support levels: $0.015, $0.012, $0.008
ZIL/USD pair is bearish on the daily chart. A few days ago, Zilliqa (ZIL) recorded a monthly high at $0.034. The buyers lose their momentum at the mentioned resistance level. The sellers took over the market at that moment and the price begins to experience declination in which the former support level of $0.029 becomes a resistance. However, the current price momentum has been less volatile, wherein the bearish movement in the price becomes steadier. The traders can expect a further decrease in price.
However, the Zilliqa price may likely follow a long-term bearish trend, in case the price remains below the 9-day and 21-day moving averages. Now, it appears that the market is about attempting a pullback; if not, the market is expected to sell to supports at $0.015, $0.012, and $0.008 as the Relative Strength Index period 14 moves below 40-level. More so, if the mentioned supports fail to play out, ZIL price could move towards the resistance levels of $0.020, $0.029, and $0.034.
When pairing Zilliqa with Bitcoin, the market is seen to be moving below the 9-day and 21-day moving averages where the price is expected to break the lower trend line at 169 SAT. Should the price cross above the resistance level at 217 SAT, the market may experience an upward trend that could touch the nearest resistance level of 278 SAT and above.
The crypto has broken below the moving averages; in other words, the coin is already exposed to long-term supports at 169 SAT in which it may test 144 SAT provided the buyers refuse to defend the support level at $169. For now, the Relative Strength Indicator period 14 confirms that the market is been controlled by the sellers as it moves around 40-level with the signal line bending down.