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Vikram
Apr 14, 2022
by Vikram

CHZ Technical Analysis: Buyers Ready To Reclaim $0.30

CHZ
The CHZ coin price sustains above the $0.21 level and challenges the sellers at the $0.25 zone to reclaim the $0.30 peak and creates new swing highs.

Key technical points:

  • CHZ prices trade under all the crucial EMAs.

  • The coin price jumped 12% in the last 48 hours.

  • Finally, the 24-hour trading volume of Chiliz is $423.67 Million, marking a 127% rise.

    • Past Performance of CHZ

    CHZ coin price retraced to the $0.21 support level after facing higher price rejection near the $0.30 mark, accounting for a fall of more than 25% within a fortnight. However, the bulls quickly turned the table, with a 12% rise in the last 48 hours and two consecutive daily bullish candles. However, the presently forming bullish engulfing candlestick faces a sudden supply inflow near the confluence of $0.25 and the 100-day EMA resulting in a potential wick formation. 

    TradingView Chart

    CHZ Technical Analysis 

    CHZ coin price action shows a sharp V-shaped reversal from the $0.21 level with a notable increase in trading volume representing the bullish commitment. However, the uptrend must surpass the supply zone to surpass the 200-day EMA and reclaim the $0.30 mark.

    The lateral march of crucial EMAs(20, 50, 100, and 200) highlights a sideways rally for CHZ. However, the recent sell-off slumped the coin price below these EMAs, indicating the sellers are at a better advantage.

    RSI Indicator: The RSI slope climbs back into bullish territory, suggesting a positive switch in traders' sentiment. 

    MACD Indicator:  The narrowing gap between the fast and slow line projects the indicator may soon provide a bullish crossover. This potential buy signal gives additional confirmation for the $0.25 breakout.

    In a nutshell, the CHZ technical analysis highlights the possibility of bulls reclaiming the $0.30 level. 

    Upcoming Trend 

    The CHZ/USD price chart shows a bullish reversal ready to reclaim the $0.30 mark and undermine the previous bearish trend. However, the supply zone at $0.25 remains a critical threshold that may trap the bullish momentum and crunch their rally before it starts. Hence, safe traders can wait for the price action confirmation to avoid speculation-based risks. 

    Support Levels: $0.21 and $0.18

    Resistance Levels: $0.25 and $0.30

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    Chiliz CHZ
    CHZ Technical Analysis: Buyers Ready To Reclaim $0.30
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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