The CHZ prices attempt for a bullish turnaround from the support trendline of the rising channel to maintain a market value above $0.10.
Key Technical Points:
- The CHZ prices jumped by 2.33% in the last 24 hours.
- The resign channel pattern struggles to keep the market value of the Chiliz token above $0.10.
- The 24-hour trading volume of Chiliz is $48.75 million, indicating a drop of 20%.
Past Performance of CHZ
As mentioned in our previous analysis, the CHZ prices continue to struggle and maintain above the $0.10 mark. However, taking a different technical approach, we will look at the rising channel formed in the daily chart. Currently, the market price rests at the confluence of the support trendline and the 50-day SMA in hopes of a bullish turnaround.
Source — Tradingview
CHZ Technical Analysis
If the declining trend in the trading volume continues, the CHZ prices will crack below the support confluence and reach the $0.08 horizontal level. However, a spike in buying pressure will help bulls take a U-turn and keep prices above $0.10. The market value of the Chiliz token is close to the 50-day SMA that is preparing to launch a bull run. But the bullish reversal within the rising channel will confront bearish opposition from the 100-day SMA at $0.12. The MACD and signal lines join after the bearish attack and regain the bearish alignment teasing a downtrend below the support trendline. However, the RSI indicator remains in a sideways trend, and the chart shows no indications of a bearish divergence, which raises the likelihood of an eventual reversal. In a nutshell, the technical indicators have opposing views, while the CHZ price analysis requests traders to wait for a candle-closing confirmation.
The CHZ prices have the potential to boost by 20% to reach the $0.12 mark with a bullish reversal within the channel. But, a downfall below the support trendline could result in a drop to the $0.08 mark. Resistance Levels: $0.12 and $0.15 Support Levels: $0.10 and $0.08