ZIL: Awaits a Major Move
In this analysis, I will be reviewing the ZIL coin, one of the Layer 1 projects primarily focused on payments.
📅 Weekly Timeframe
In the weekly timeframe, we observe a ranging box following the downtrend from the 0.01536 peak. The lower boundary of this range is at 0.01282, while the upper boundary is at 0.03472.
🔍 During Bitcoin’s last bullish move, this coin also bounced from the lower boundary and moved toward the upper boundary. However, as Bitcoin entered consolidation within its own range, this coin started to decline and has now returned to the lower boundary.
💫 If the price establishes itself below the range, we will likely see the next leg of the downtrend and a new bearish trend forming.
📊 However, if the lower boundary provides strong support and holds the price above this area, a move toward the upper boundary—and potentially a breakout—could occur.
⚡️ If the lower boundary is broken, the price target would be 0.03472, and further resistance levels at 0.06017 and 0.15361 could be tested.
📅 Daily Timeframe
In the daily timeframe, we can analyze price movements in more detail. As seen, after reaching the upper boundary of the range and getting rejected, the first bearish leg took the price down to 0.02034. Following a consolidation phase and a brief support at this level, the price broke below and completed the next bearish leg down to the lower boundary.
✨ Currently, market volume has significantly decreased, indicating that a major move is approaching. If the lower boundary is broken, the price may continue its next bearish leg downward.
🔼 For a long position, the first confirmation of a trend reversal would come after a breakout above 0.01635, though this is a high-risk trigger. The main confirmation for trend reversal currently stands at 0.02034.
💥 On the other hand, the key resistance remains at the upper boundary of the range. A breakout above this level would confirm a fully bullish trend.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
📅 Weekly Timeframe
In the weekly timeframe, we observe a ranging box following the downtrend from the 0.01536 peak. The lower boundary of this range is at 0.01282, while the upper boundary is at 0.03472.
🔍 During Bitcoin’s last bullish move, this coin also bounced from the lower boundary and moved toward the upper boundary. However, as Bitcoin entered consolidation within its own range, this coin started to decline and has now returned to the lower boundary.
💫 If the price establishes itself below the range, we will likely see the next leg of the downtrend and a new bearish trend forming.
📊 However, if the lower boundary provides strong support and holds the price above this area, a move toward the upper boundary—and potentially a breakout—could occur.
⚡️ If the lower boundary is broken, the price target would be 0.03472, and further resistance levels at 0.06017 and 0.15361 could be tested.
📅 Daily Timeframe
In the daily timeframe, we can analyze price movements in more detail. As seen, after reaching the upper boundary of the range and getting rejected, the first bearish leg took the price down to 0.02034. Following a consolidation phase and a brief support at this level, the price broke below and completed the next bearish leg down to the lower boundary.
✨ Currently, market volume has significantly decreased, indicating that a major move is approaching. If the lower boundary is broken, the price may continue its next bearish leg downward.
🔼 For a long position, the first confirmation of a trend reversal would come after a breakout above 0.01635, though this is a high-risk trigger. The main confirmation for trend reversal currently stands at 0.02034.
💥 On the other hand, the key resistance remains at the upper boundary of the range. A breakout above this level would confirm a fully bullish trend.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.