CHZ Technical Analysis: Support Trendline Joins EMA To Halt Downfall

Key technical points:

Past Performance of CHZ

CHZ coin price broke above the 200-day EMA but showcased higher price rejection with long-wick formation projecting a supply zone present at the $0.33 level. The stronger bearish side pushed the prices below the 200 and 100-day EMA. The 23% deflation comes within ten days resulting in a dip at the 50-day EMA.

Source-Tradingview

CHZ Technical Analysis 

CHZ coin price finds support at the ascending trendline resulting in a short uptrend to challenge the $0.25 resistance zone. Moreover, the increased trading volume projects a boom in buying pressure and increases the chances of a breakout rally.

The crucial daily EMAs (50, 100, and 200 days) sustain a bearish alignment with the 50-day EMA maintaining a constant inflow of demand to keep the price floating.  However, buyers need to overcome the crucial resistance of the 100 and 200-day EMA for a sustained uptrend. 

RSI Indicator: The RSI slope shows a double bottom creation below the halfway line after a remarkable fall from the overbought boundary reflecting a surge in selling pressure. 

MACD Indicator: The MACD and signal lines experience a growing bullish influence undermining the recent bearish crossover. Hence, the start of bullish MACD histograms can be observed with a positive crossover shortly.

In a nutshell, the CHZ technical analysis highlights the increasing possibility of $0.25 breakout..

Upcoming Trend 

CHZ coin price shows the support trendline halting the downtrend and increasing the chances of an upside rally. However, the bulls must surpass the $0.25 mark to illuminate a buying opportunity with a bullish potential of reaching the $0.33 mark.

Support Levels: $0.20 and $0.16

Resistance Levels: $0.25 and $0.33