CHZ Technical Analysis: Will CHZ Prices Sustain Above $0.10?
Table of contents
Key Technical Points:
Past Performance of CHZ
The CHZ price action shows a bullish reversal from $0.083 to the psychological mark of $0.10 in June 2022. The 50day SMA at the psychological mark knocks the bullish reversal leading to a sideways trend continuation. The price action shows a third attempt to surpass the confluence of the crucial resistance level at $0.10 and the 50day SMA.
Source - Tradingview
CHZ Technical Analysis
The CHZ price chart shows an increase in trading volume supporting the third breakout attempt, increasing the possibility of a bull run above the $0.10 mark. However, the higher price rejection from the 50-day SMA raises doubts about bullish continuation.
The MACD indicator shows the fast and slow lines surge higher to reach the positive territory with an increase in the bullish spread. Moreover, the increasing intensity of the positive histograms teases a potential price jump above the psychological mark.
The RSI indicator shows a sharp V-shaped reversal in the nearly oversold territory, surpassing the halfway line. Thus, indicating an increase in the underlying bullishness and influences further growth in the 14-day SMA.
Hence the technical indicators maintain a positive outlook for the upcoming price trend with high hopes of a $0.10 breakout.
In a nutshell, CHZ technical analysis showcases an increase in bullish sentiments ready to reverse the trend.
Upcoming Trend
If the Bull Run continues above the psychological mark of $0.10, the CHZ prices will boost by 30% to reach the overhead resistance of $0.13. Conversely, a reversal from $0.10 can result in a price drop to $0.083.
Resistance Levels: $0.10 and $0.13
Support Levels: $0.08 and $0.075