- CHZ Token price has increased more than 15% in the past week.
- The price action analysis indicates the price is within a critical triangle pattern in the weekly chart.
- The pair of CHZ/BTC is trading at 0.000006209 BTC with an intraday gain of +12.06%.
CHZ coin price action forms bullish engulfing candlesticks in the weekly chart. However, the candlestick shows higher price rejection from the resistance trendline. Moreover, the price action analysis shows the formation of a crucial symmetrical triangle in action.
The intraday volume is above the 20-days volume MA representing that the buying pressure is increasing. In Addition, the coin price is trading above all the crucial daily EMAs, projecting a bullish rally.
The CHZ Token price trades at $0.3363, increasing +12.79% in market capitalization over the past 24 hours, suggesting that the price faces solid opposition from the $185 zone.
CHZ’s intraday trading volume has risen by 38% due to the increased interest of investors.
CHZ Token In The 4-hour Chart
CHZ token price shows higher price rejection as it struggles to rise above the $0.35 mark. The price retraces to the resistance trendline of the previous channel. The bullish breakout of this channel led to the bull run. And now, the price retraces to retest it.
As per price action, the resistance levels for the token are residing at $0.35 and $0.50 marks. In the case of a bearish reversal from any support level, bulls may find resistance at $0.32 or $0.28.
The EMAs in the 4-hour technical chart climb higher in a bullish formation with a positive slope that may support the prices in a bearish attack.
The RSI indicator forecasts a surge in underlying bullish biases as to the slope of RSI spikes higher in the weekly chart.
The super trend indicator proposes a solid bullish trend in action in the daily chart.
The ADX indicator represents a fall in trend momentum as the price retraces.
Conclusion – The CHZ token price soars above all the EMAs. However, the rejection from $0.35 may drive the price back to the resistance trendline of the parallel channel in the 4- hour. Therefore, the breakout of this level will act as a bullish entry spot.
Support – $0.35 and $0.50
Resistance – $0.32 and $0.28