CHZ Technical Analysis: Should You Buy CHZ At $0.20 Retest?

Key Technical Points:

Past Performance of CHZ

The Chiliz (CHZ) price action shows a phenomenal bullish rally of 118% over three weeks before taking a bearish reversal from the $0.22 mark. The bullish failure to sustain the trend momentum results in a retracement to retest the $0.20 breakout. Additionally, the retracement rally accounts for the 10% price drop over the last 48 hours with a fall in intraday trading volume.

Source - Tradingview

CHZ Technical Analysis

The CHZ price action displays lower price rejection in the daily candle, which is evident by the long tail formation, increasing the possibility of post-retest reversal. As the market price rises above the 200-day EMA, the bullish influence over the 50 and 100-day EMA results in a positive crossover.

The daily RSI slope sustains in the overbought zone with the support of the 14 days average line. However, the MACD indicator displays a slight decline in the bullish histograms during the retest phase. Nonetheless, the fast and slow lines maintain a positive alignment increasing the chances of a trend continuation.

In a nutshell, the CHZ Technical Analysis displays the technical indicators and the price action going hand-in-hand, maintaining a bullish bias.

Upcoming Trend

CHZ prices may soon exceed the supply pressure at the $0.22 mark to reach the overhead resistance at the $0.25 supply zone.

However, a downtrend below the $0.20 psychological mark will test the 200-day EMA close to the $0.16 horizontal level.

Resistance Levels: $0.22 and $0.25

Support Levels: $0.20 and $0.16