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Vikram
May 25, 2022
by Vikram

CHZ Technical Analysis: Will Buyers Emerge Victorious Above $0.12?

CHZ

Table of contents

  1. Past Performance of CHZ 
  2. CHZ Technical Analysis  
  3. Upcoming Trend 
CHZ price action shows a sideways trend above $0.10 due to high selling pressure at $0.12. Will this consolidation lead to a bullish breakout as the market recovers? 

Key technical points: 

  • The CHZ market value deflated by 15% in the last seven days. 

  • Contraction phase in Bollinger bands represents the trapped momentum. 

  • The 24-hour trading volume of Chiliz is $89 Million, indicating a rise of 5.69%.  

    • Past Performance of CHZ 

    With CHZ sellers taking over the trend control on May 12th, the 37% recovery with a sharp reversal from $0.09 broke above the $0.10 mark. However, the selling pressure above the $0.12 mark resulted in a retracement, eventually becoming a consolidation range above $0.10.  

    TradingView Chart

    CHZ Technical Analysis  

    The CHZ price shows a recent bullish failure to rise above the overhead resistance at $0.12, resulting in a retracement to the $0.10 support level. However, the Bollinger bands project a possible start of the expansion phase after maintaining a long-coming sideways trend.  

    The Stochastic RSI shows the K and D lines in an uptrend, struggling to maintain the bullish trend in the neutral territory as the spread decreases. Hence, the possibility of a bearish crossover teasing the consolidation fallout increases. 

    On the other hand, the MACD and signal lines merge slightly below the zero line after a long-coming downtrend crossing under the zero line. Hence, the crossover hints at starting a bullish trend in the MACD histograms promoting the bullish breakout possibility. 

    Hence, the CHZ technical analysis displays a consolidation breakout possibility leading to a high-momentum trend. 

    Upcoming Trend 

    The breakout rally will drive the CHZ prices to the $0.17 mark if it surpasses the $0.15 accounting for a price jump of 35%. However, a bearish takeover will result in a fallout of $0.11 and reach the $0.095 mark. 

    Resistance Levels: $0.15 and $ 0.17 

    Support Levels: $0.11 and $0.095 

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    Chiliz CHZ
    CHZ Technical Analysis: Will Buyers Emerge Victorious Above $0.12?
    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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