https://ift.tt/q3zS12g Price Zooms 10%; Is $0.16 Possible?

ZIL price trades higher with significant gains amid sustained buying pressure. The price extends the gains for the second straight session in a row after bottoming out near $0.10. A successful breakout above the upper resistance could yield further gains in the asset.

• ZIL price prints handsome gains on Thursday in a quite broader crypto market.
• Expect more gains if the price break above $0.14 on the daily basis.
• The downside is capped near the 50-day EMA at $0.91.

As of writing, ZIL/USD is exchanging hands at $0.12, up 11.12% so far.

ZIL price set up the bullish trading frame

On the daily chart, the ZIL price found strong support near the $0.10 level. The price moves along the ascending trend line, which is extending from the low of $0.04 made on March 26.

The price rallied more than 400% to the all-time high of $0.23 made on April 1. Since then the price retraced nearly 56% to the swing lows of $0.10. The bullish slop line acts as a support for the bulls.

Currently, a big green candlestick indicates the strong bullish momentum that pushed the price higher. Now, a daily close above the session high would bring more gains at the highs of April 4 at $0.16.

On the flip side, a spike in sell order would invalidate the bullish outlook on the asset. Further, a break below the ascending trend line would amplify the selling toward the 50-day EMA at $0.90, followed by $0.75.

Technical indicators:

RSI: The daily relative strength index attempts to break above the average line. Currently, it reads at 55.

PVT: The price-volume trend indicates bulls are still on the front foot.