ZK Current Outlook
Looking at the ZK chart, we can clearly see that the short-term falling-wedge formation has been broken above well. The target of this pattern is the area of $0.074–$0.078, which intersects the long-term downtrend line and the horizontal resistance level at the same time. In other words, the price is both rising to complete the formation target and drawing close to the multiple-resistance area.
For the time being, the coin is trading around the level of $0.062, and the price zone between the levels of $0.065 and $0.078 is forming a resistance corridor. The price action is likely to surge to this level due to the wedge formation, yet it is too early to expect a strong breakout before the price closes particularly above the level of $0.078, since the price got rejected from this level many times previously and it is a strong sell area which is also the upper border of the falling channel.
We should be following the price holding above the level of $0.055 in the coming days because it is the previous resistance area and it can act as a retest level for the coin. Upward momentum could be predicted if the price bounces from here; otherwise, the levels of $0.051 and $0.046 should be followed as support.
A middle-term rise scenario can be triggered if we see the price close above the level of $0.078 and the downtrend gets broken clearly. According to this positive scenario, the price could target the levels $0.13 and $0.19 respectively.
Summary:
- Short-term falling wedge formation broke upwards
- This pattern’s target area is $0.074–$0.078
- This area also intersects with the long-term downtrend and the horizontal resistance
- It is crucial that the price holds above $0.055 for the rise to continueResistance levels up: $0.065 → $0.074 → $0.078 → $0.091Support levels below: $0.055 → $0.051 → $0.046
- Mid-term targets are $0.13 and $0.19 in case of a trend breakout
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.
