ZK Current Outlook
The ZK chart clearly displays that the short-term falling wedge formation has broken upwards. The target of this formation, approximately around the $0.065 - $0.074 range, also coincides with the long-term falling trend line and horizontal resistance; that is, the price is about to complete the target of the formation and is approaching the multiple resistance zone.The coin is currently trading around $0.0510, and obviously the range between the levels $0.054 - $0.065 is forming a major resistance corridor. Thanks to the formation, the price could move up to this resistance level. However, it is too early to predict a strong breakout unless we see a price closing above the level at $0.065, since the price has been rejected here many times in the past. What’s more, this level coincides with the upper border of the descending channel and serves as a strong sell area.We should be following whether the price will hold above the level at $0.048 or not. Remember that this level is significant both as the previous resistance level and as a potential retest zone following the recent breakout. We can still expect the upward momentum to continue if the price finds support here. On the other hand, we should be following the support levels at around $0.046 and $0.041 below.The medium-term bullish scenario will be activated if the price closes above the level at $0.065 and the descending trend line gets broken. According to this scenario, the price could target the levels at $0.091, $0.13, and $0.19 respectively.
- Summary:• The short-term falling wedge formation has broken upwards.• The target of the formation is the $0.065–$0.074 range.• This area also coincides with the long-term falling trend line and horizontal resistance.• Holding above $0.048 is critical for upward movement to continue• Resistance levels up: $0.054 → $0.065 → $0.074 → $0.091• Support levels below: $0.048 → $0.046 → $0.041• Mid-term targets in case of a breakout: $0.13 → $0.19
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
