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Vikram
Mar 25, 2022
by Vikram

CHZ Technical Analysis: CHZ Price Nearing Ascending Triangle Breakout? 

CHZ
CHZ recovery rally soon to hit $0.24, can we expect a bullish breakout?

Key technical points:

  • CHZ price displays four consecutive green candles. 

  • The ascending trendline carries to the new recovery for CHZ traders. 

  • Finally, the 24-hour trading volume of Chiliz is $168.2 Million, marking a 32% gain. 

    • Past Performance of CHZ

    For the past two months, the CHZ price has been resonating between $0.24 and $0.164. Furthermore, the technical chart shows an upcoming support trendline, limiting the excessive loss for coin holders. So far, the ascending trendline has maintained a 33% gain from the $0.163 bottom support.

    CHZ Technical Analysis 

    The stiff resistance zone at $0.24 and a support trendline display the ascending triangle formation. Until the rising trendline is intact, the long traders can maintain a bullish bias, with the expectation for price gradually approaching the overhead resistance. 

    So far, the recovery rally had reclaimed the 20-and-50-day EMA. However, the 200- day EMA would intensify the sellers' defense at $0.24.

    RSI Indicator: The steady rise in the RSI slope accentuates an increasing bullish momentum. 

    MACD Indicator: The recent crossover of the MACD and signal lines above equilibrium set a bullish tendency among traders. The increasing spread within these lines suggests aggressive buying.

    In concise, the CHZ technical analysis projects a bullish reversal opportunity to initiate a new bull run. 

    Upcoming Trend 

    A decisive breakout from the $0.25 mark could hint at the end of the accumulation phase. A post retest rally could hit the nearest resistance 16.1% high at $0.28, followed by $0.34.

    Support Levels: $0.19 and $0.163

    Resistance Levels: $0.24 and $0.2

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    Chiliz CHZ
    CHZ Technical Analysis: CHZ Price Nearing Ascending Triangle Breakout? 
    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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