Market

ZOM Stock Price Prediction: Price to Give Breakout or Breakdown?

  • ZOM stock price is currently trading at $0.2110.
  • ZOM price is stuck in between a range of $0.2315 to $0.1883

Zomedica Corp. was founded on 7 January, 2013. The company was founded by Gerald L. Solensky. Zomedica Corp. is a veterinary health company, which deals with the discovery, development, and commercialization of pharmaceuticals for pets. It provides products for dogs and cats by focusing on the unmet needs of clinical veterinarians.

Will ZOM Price Rise or Fall in the Future?

Source:Zomedica Corp. 1D Chart by TradingView

In January 2023, ZOM’s price closed above the $0.2800 resistance level but failed to sustain the breakout, resulting in a fakeout, and the price was rejected to $0.2315. Subsequently, the price formed a Descending Triangle pattern, which is considered a bearish pattern.

In March, the price broke down from the Descending Triangle pattern and has since been trading within a range. The resistance level is at $0.2315, while the support level is at $0.1883. This range-bound movement has persisted for approximately five months.

In July, ZOM’s price once again closed above the $0.2315 resistance level but could not sustain the breakout, leading to another fakeout. After the rejection, the price is currently trading below the $0.2315 resistance level.

If the price successfully closes above and sustains above the $0.2315 resistance level, it may continue its upward movement towards the next resistance at $0.2800. On the other hand, if the price closes below and sustains below the $0.1883 support level, it could lead to a further decline, potentially targeting the next support level at $0.1581.

Source:Zomedica Corp. 1D Chart by TradingView

The price of ZOM is currently trading between the 50 EMA (yellow line) and the 200 EMA (red line), both of which are moving sideways. This indicates an indecisive phase in the market, with no clear trend direction.

Source:Zomedica Corp. 1D Chart by TradingView

The SuperTrend indicator continues to signal a bullish sentiment for ZOM stock as the price remains above the green line. This suggests a positive trend, with buyers currently dominating the market.

The relative strength index (RSI) is currently at 51.59, indicating that the price is in the neutral territory. This means that there is an equal amount of pressure from both buyers and sellers, resulting in a balanced market.

Conclusion

The ZOM price and the market structure is an indecisive phase as the price is consolidating in the range between $0.2315 to $.1883. The indicators mentioned above have not shown any major signs regarding the future direction of the price.

Technical levels

Resistance levels:$0.2315 and $0.2800

Support levels: $0.1833 and $0.1581

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Vinay Kumar

Student. Coffee ninja. Devoted web advocate. Subtly charming writer. Travel fan. Hardcore bacon lover.

Recent Posts

MicroGPT: Transforming the Developer Experience with AI-Powered Precision

Unlocking unprecedented potential for developers through AI-driven insights, seamless integrations, and code optimization. 4th November 2024:…

2 days ago

Top 5 AI Trading Bots That Will Shape the Future of Investing Beyond 2024

The future of investing is here, and it’s being driven by AI trading bots. These…

1 week ago

An All-in-One Crypto Gaming Experience With Winz.io

Key Insights Winz is one of the top online betting sites. Aside from generous rewards…

1 week ago

EON Coin Announces Launch, Promising a New Standard in Blockchain Technology

EON Coin has officially launched, marking a significant milestone in the blockchain industry with its advanced…

1 week ago

How to Make $300 a Day Online? Just Use CrytocoinMiner (For Everyone)

There are many ways to make money, but using money to make money is the…

2 weeks ago

How to Find Better Crypto Career Opportunities With CryptoJobsList.com

Key Insights Finding crypto and web3 jobs can be a rewarding experience for professionals in…

2 weeks ago

This website uses cookies.