CHZ Technical Analysis: 25% Jump Brings Another Breakout Entry

Key Technical Points:

Past Performance of CHZ

As we mentioned in our previous analysis, the Chiliz (CHZ) prices broke above the 200-day SMA resulting in a 25% jump in the last three days. The bull run continues the streak of engulfing candles over the previous three days and crosses about the $0.20 mark. Additionally, the bull run accounts for a 107% jump over the last three weeks displaying a phenomenal increase in the underlying bullishness.

Source - Tradingview

CHZ Technical Analysis

A 6% recovery in the daily candle keeps the CHZ prices above $0.20, but the higher price rejection warns of a retest phase. Nonetheless, an uptrend continuation can test the $0.25 supply zone to complete the rounding bottom pattern. The bullish crossover of the 50 and 100-day SMA increases the likelihood of an uptrend continuation as the market prices since about the 200-day SMA.

The MACD indicator shows the fast and slow line beginning bullish alignment after the recent spike in buying pressure. Furthermore, the RSI indicator jumps into the overbought zone, reflecting a remarkable improvement in the underlying bullish sentiments.

In a nutshell, the CHZ technical analysis suggests the sideline buyers hoping to re-enter the uptrend should wait for the prices to sustain above $0.20.

Upcoming Trend

The CHZ price chart shows the possible uptrend to the $0.25 supply zone as the buying pressure increases to complete the rounding bottom pattern. Moreover, the bullish breakout of the supply zone can result in further uptrend continuation to test the $0.30 horizontal level.

However, if the higher price rejections influence downtrend continuation, the prices may retest the $0.18 horizontal level.

Resistance Levels: $0.25 and $0.30

Support Levels: $0.18 and $0.16