CHZ Technical Analysis: Back At $0.25, Chiliz Stand At Crossroads

The CHZ price action bullish breakout rally of a descending triangle pattern resulted in a price jump to the overhead resistance at $0.25. Furthermore, the increase in intraday trading volume supports the bullish rally. Thus, increasing the likelihood of an uptrend continuation, creating a new high above $0.25. So should you wait for a price action confirmation or take an early entry to avoid missing out on the upcoming rally?

Key Points:

Source-Tradingview

CHZ Technical Analysis

The CHZ price displays a double bottom reversal in the technical chart resulting in a triangle breakout mentioned in our previous analysis. The bullish breakout unleashes the trapped momentum resulting in a remarkable recovery of 30% within a week with a boom in the trading volume.

Additionally, the bearish influence over the crucial daily EMAs nullifies as the uptrend restarts. And it teases a potential crossover between the 100 and 200-day EMA.  

Currently, the price action shows a power struggle at the $0.25 supply zone for the upcoming trend control. The bearish influence over the daily candle results in a 2% price drop and projects a possibility of a bearish reversal.

However, if the buying pressure sustains, leading to a candle closing above $0.25, sideline traders can expect an uptrend to $0.30. 

On the other hand, a bearish reversal from the supply zone will result in a drop to the $0.21 support level. 

Technical Indicator

The RSI slope shows a rising trend above the halfway line approaching the overbought boundary. Moreover, the MACD and signal lines gain a bullish spread after the recent crossover, fueling the bullish histograms. 

Therefore, the technical indicators reflect a rising trend in buying pressure. As a result, the CHZ technical analysis takes an optimistic standpoint and offers a buying opportunity upon breakout. 

Resistance levels- $0.25 and $0.30

Support levels-  $0.21 and $0.18