- The CHZ token chart shows a bullish crossover of the 20-and-50 EMA
- The CHZ/BTC pair was trading at 0.000005458 BTC with a gain of 5.33%
- The 24-hour trading volume in the CHZ token is $288.7 Million, indicating an 88.81% hike
As mentioned in my previous article on Chiliz, The CHZ token price resonated between the $0.335 resistance level and 50 EMA support for almost two weeks then. On October 25th, the price finally broke out from this overhead resistance level, displaying a bullish engulfing candle. This green candle alone had engulfed a whole week of trading activity and also provided a closing above the $0.335 resistance.
As per the EMAs, the CHZ is still under a bullish trend as its price is trading above the crucial EMAs 20, 50, 100, and 200. Moreover, the chart also shows a bullish crossover of the 20 and 50 EMA, attracting even more buyers in this token.
The RSI (BULLISH) value is at 56, indicating a bullish sentiment in this token.
CHZ Token Gives A Breakout From Its Ascending Triangle Pattern
The CHZ token gives a bullish breakout from the $0.335 neckline of an ascending triangle pattern in the 4-hr time frame chart. The token price is currently trying to retest this level to obtain proper support, which also provides a better entry opportunity for crypto traders. The CHZ token is trading at $0.339, with an intraday gain of 0.8%.
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 price indicates a bullish outlook in its chart as the price has finally ended its consolidation period with a breakout of $0.335 resistance. If the token price sustains above this level, the CHZ trade can expect a quick target of $0.357.
Support– $0.335
Resistance– $0.357