CHZ Technical Analysis: Chiliz Skyrockets After The Predicted Retest

Key technical points: 

Past Performance of CHZ

As predicted in our last analysis, the CHZ prices reversed from the overhead resistance of $0.12 with higher price rejection candles to retest the rising channel breakout. The post-retest reversal successfully propelled the prices by 26% to breach the psychological mark of $0.15, leading to a bullish engulfing candle. Furthermore, the bullish candle supports increased trading volume and a potential trend continuation.

Source- Tradingview

CHZ Technical Analysis 

Today, the CHZ price is increasing remarkably, and heads to the overhead resistance of $0.16 as buying pressure continues to grow. The bullish influence over the 50 and 100day SMA grows as the market value approaches the 200 Day SMA. Therefore if the market value breaks and sustains about the 200-day SMA, the possibility of a crossover between the 50 and 100-day SMA will increase significantly.

The MACD indicator displays an increase in bullish bread between the fast and slow lines with the phenomenal growth in buying pressure. Furthermore, the daily RSI slope reverses from the 14-day SMA to break about the overbought boundary reflecting an increase in underlying bullishness.

In a nutshell, the CHZ Technical Analysis displays a High possibility of a bullish trend continuation about the 200-day SMA.

Upcoming Trend 

Considering the buying pressure sustains overnight, the CHZ prices will shoot above the $0.16 and the 200-day SMA to continue the uptrend. Hence, traders can expect the bullish trend to reach the next psychological mark of $0.20. Conversely, a decline in buying pressure will lead to a retracement to retest the $0.12 breakout.

Resistance Levels: $0.16 and $0.20

Support Levels: $0.12 and $0.10