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Peter Oleshchuk
Apr 26, 2022
by Peter Oleshchuk

CHZ Technical analysis: It Keeps Well And Will Shoot Hard

CHZ

Table of contents

  1. Technical Analysis Of CHZ On The Daily Timeframe
  2. The CHZBTC Price Are Preparing To Fall By 10-15%
The correction of the global wave of growth in the CHZ market is nearing completion. The CHZ cryptocurrency is one of the strongest in the world in terms of price retention. At a time when many promising projects have failed to sustain their achievements during the hype growth of cryptocurrencies, CHZ has been able to form a consolidation wedge. The CHZ price stopped near the global range of $0.17. Sellers cannot take this mark under their control for 14 weeks.

CHZ

On the other hand, sellers gritted their teeth in the upper trend line of the consolidation wedge. Thus, the range of price movements is constantly reduced, which will lead to an explosion. At the time of writing, the probability of a CHZ price shooting up is much higher than the continuation of the downward trend. However, the CHZ price can easily continue to consolidate until mid-June. But, it should be understood that the longer the price consolidates, the stronger the momentum will be in the future. The main growth target is $0.62. At this point, it will be clear whether the CHZ market will face the historical high update and the formation of a new global fall wave.

Technical Analysis Of CHZ On The Daily Timeframe

TradingView Chart

The positive chart of the weekly timeframe does not mean that the market reversal and total domination of buyers will begin at the same moment. Analyzing the movement of the CHZ price on the daily timeframe, we can see that buyers failed to break the structure of the downward trend. Local highs set by buyers on 29-30 March did not update previous local highs from 27 December. The main requirement to start dominating buyers is not to allow sellers to update the low.

In this case, the structure of the seller's trend will be destroyed and investors will be more interested in investing in the CHZ cryptocurrency. Therefore, if the CHZ price does not stay below $0.168 for the next 2 weeks, it will be a clear signal to buy.

The CHZBTC Price Are Preparing To Fall By 10-15%

CHZ

The situation on the CHZBTC weekly chart is very similar to the CHZUSDT chart. The price is in a global wedge and has a probability of falling by 10-15%. If buyers keep the liquidity range 0.0000451 and do not allow the CHZBTC price to catch the lower trend line of the consolidation wedge - this will be a signal to complete the correction. While the price is above the mark of 0.00000451 and there are no signs of sellers fixing below this mark - to plan an alternative scenario does not make sense.

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CHZ Technical analysis: It Keeps Well And Will Shoot Hard
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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