- The CHZ token chart shows the 20-day EMA has given a bullish crossover from the 50 and 100 EMA together
- The CHZ/BTC pair was trading at 0.000005305 BTC with a gain of 1.04%
- The 24hr trading volume in the CHZ token is $151.4 Million, indicating a 38.5% loss
The CHZ token showed an impressive V-shaped recovery when the price bounced from the $0.243 support with a bullish morning star candle. However, the new rally could pass a resistance level of $0.38 and displayed another minor pullback to the $0.3 support. As for now, the price is currently trying to breach the overhead resistance of $0.335.
Concerning the EMA’s, the recovery phase of this token has reclaimed the crucial EMA’s 20, 50, 100, and 200, which are now acting as strong support levels. Moreover, the 20 EMA line has recently given a bullish crossover from the 50 and 100 EMA together, attracting even more buyers in this token.
The RSI (BULLISH) value is at 53, indicating a slightly bullish sentiment in this token.
CHZ Token Forming An Ascending Triangle Pattern
The CHZ token shows the formation of an ascending triangle pattern in the 4hr time frame chart. This pattern’s neckline is located at the $0.335 mark, holding this excellent long opportunity for crypto traders. The CHZ token is currently trading at $0.324, with an intraday gain of 0.28%.
The Moving average convergence/divergence indicator (BULLISH) shows both the signal and MACD lines are moving above the neutral zone (0.00), indicating bullish momentum within the CHZ token.
Conclusion: From a technical perspective, the CHZ token still indicates a short-term downtrend. However, the technical chart has started to show some positive outlook when the price crossed above the crucial EMAs. Furthermore, the crypto traders looking for a long opportunity can consider trading the ascending triangle once the price gives a proper breakout from its $0.335 neckline.