CHZ Technical Analysis: Growing Demand For Chiliz Teases Price Jump

CHZ prices showcase a bullish reversal from the $0.085 mark, taking a secondary boost to surpass $0.10 with a boom in trading volume.  Key technical points:

• The CHZ market price has increased by 5.34% over the past 24 hours.
• The price action shows a growing bullish influence on a sideways trend.
• The 24-hour trading volume of Chiliz is $181 Million, indicating a hike of 142%.

Past Performance of CHZ

CHZ price action shows a sideways trend between the $0.085 and $0.12 marks but successfully avoids a crash during the bear market. Moreover, the recent bullish reversal from $0.085 propels the market value above the psychological mark of $0.10 and forms a double bottom at $0.085.

Source- Tradingview

CHZ Technical Analysis 

CHZ price grew by 5.65% today, forming a bullish candlestick with an increased commitment of buyers, evident by the rise in trading volume. Hence, traders can expect the bullish turnaround to exceed the selling pressure at $0.12. The DMI indicator shows a bullish crossover in the DI lines representing a trend reversal. Moreover, the falling ADX line reflects a loss in previous bearish trend momentum, and a reversal will kickstart the bullish trend. The RSI indicator shows a gradual increase in the underlying bullishness as the slope slowly rises to reach the halfway line. Additionally, the bullish divergence in the double bottom at $0.085 increases the price jump possibility. After the recent bullish crossover, the MACD indicator shows a positive trend in the fast and slow lines crossing, reaching the zero line. Moreover, the positive trend of the resurfacing bullish MACD histograms displays a rise in buying pressure. In a nutshell, the technical indicators support the bullish trend possibility in the CHZ prices, teasing an uptrend above $0.12.

Upcoming Trend

Suppose the CHZ prices surpass the overhead resistance at $0.12; the uptrend will reach the $0.15 mark, accounting for a 25% jump. Resistance Levels: $0.12 and $0.15 Support Levels: $0.10 and $0.085

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