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Vikram
Jun 16, 2022
by Vikram

CHZ Technical Analysis: Buyers Struggles To Withstand The Selling Spree

CHZ Technical Analysis

Table of contents

  1. CHZ Technical Analysis
  2. Upcoming Trend
CHZ prices show a bullish reversal from the $0.095 mark by forming a morning star pattern but struggle to start a bull cycle. 

Key technical points:

  • The market price has increased 9.40% over the past 24 hours.

  • The price action shows the failure of a morning star pattern.

  • The 24-hour trading volume of Chiliz is $37.91 Million, indicating a hike of 33.70%.

    • Past Performance of CHZ

    CHZ prices display a sideways trend between the $0.095 and $0.12 marks after the 60% downfall over the summer. The recent sell-off drives the bear cycle within the consolidation range to the $0.095 mark. However, the lower price rejection below $0.095 pushes the closing price back within the consolidation range.

    TradingView Chart

    Source- Tradingview

    CHZ Technical Analysis

    The lower price rejection leads to the morning star pattern formation, but the CHZ sellers resurface and warn of range fallout. Hence, traders can expect a selling opportunity if the prices close below the consolidation range. The daily-RSI slope displays an upward trend from the oversold zone but is pushed back as the retest restarts the prevailing downtrend. Hence, the reversal hints at the RSI values soon to cross in the oversold zone. The crucial daily EMAs - 50, 100, and 200-days maintain a bearish alignment to maintain a descending trend.

    The MACD indicator displays the fast and slow lines maintaining a negative trend after last weekend's bearish crossover. However, the decrease in the magnitude of negative histograms suggests the possibility of a bullish reversal. Hence, the indicators display a rise in selling pressure which warns of the fallout of the $0.095 support level. In a nutshell, the CHZ technical analysis forecasts a bearish breakout of the consolidation range.

    Upcoming Trend

    CHZ prices might succumb under the increased selling pressure to crack under $0.095 to reach the next support level at $0.080.

    Resistance Levels: $0.10 and $0.12

    Support Levels: $0.095 and $0.080

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    CHZ Technical Analysis: Buyers Struggles To Withstand The Selling Spree
    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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