ZIL Technical Analysis: Concentrated Resistance Interrupts ZIL Recovery

ZIL coin price reversal from the $0.135 mark may trigger a short consolidation phase. Should you wait for a bullish continuation or hoard at market price? Key technical points: The ZIL price displays rejection candle at $0.136 resistance The 100-and-200-day EMA provides a bullish crossover Finally, the 24-hour trading volume of Zilliqa is $1.84 Million, marking a 109% rise. Past Performance of ZIL The ZIL coin price presented a perpendicular growth in late March, marking a record high of $0.23. This bull rally accounted for 373% growth considering the March 26th low of $0.47. However, the coin chart displayed several high-wick rejection candles at the $0.23 mark, indicating the bulls were exhausted. The following correction rally tumbled the altcoin by 55%, bringing it to the 0.618 Fibonacci retracement level. Source-Tradingview ZIL Technical Analysis ZIL coin price formed a double bottom pattern at the 0.618 FIB($0.105) support. The altcoin witnessed a significant inflow on April 20th, which breached the $0.116 neckline and hit the shared resistance of 0.5 FIB level and $0.135. However, the sellers are aggressively defending this resistance, reflected by a long-wick rejection The ZIL price trading above the bullish alignment of crucial EMAs(20, 50, 100, and 200) indicates a definite bull trend. Moreover, a bullish crossover of the 100-and-200-day EMA encourages additional buying. The daily-MACD indicator presents the fast and...