- The Chiliz token price has successfully breached the descending trendline with a massive amount of trading volume.
- The CHZ token saw a 27% gain in the following week and bulls are training to see the bullish weekend.
- The CHZ/BTC pair price is trading at 0.000005578 Satoshis, which is in the bullish territory by 5.4%.
Chiliz cryptocurrency prices have been rapidly decreasing since mid-November, shedding about 72% of their value in only four months. The CHZ broke beyond the crucial $0.20 barrier on Friday after having been stuck underneath it since the 22nd of January. Chiliz Crypto had a fantastic weekend with the appearance of the dragonfly Doji candle on the weekly price chart.
The Chiliz currency was behaving below a falling trend line (white), but investors shattered this trend line overnight by boosting expenses by 19%. After some significant positive momentum, the CHZ live price is trading at $0.2135, which is 8.3 % in the red zone. However, the coin’s trading volume has increased by 13% in the previous 24 hours. For several days, the daily trading volume bar has held above the moving average (blue), suggesting an accumulation phase between deals. In addition, the volume-to-market-capitalization ratio is 0.5566.
The price of the CHZ/BTC pair is now trading at 0.000005578 Satoshis, which is 5.4 % bullish. Chilliz tokens are likewise worth 0.00008235 ETH when compared to the Ethereum pair. Despite this, the cryptocurrency has immediate support at $0.16, and investors may see selling pressure towards the $0.25 level.
Stochastic RSI is showing a bearish crossover
The currency value graph is near the EMA Ribbon Indicator’s 200-MA line. Additionally, the Stoch Relative Strength Index is rising after falling below oversold position, but the RSI made a negative crossing today, which might be seen as a bearish indication. Furthermore, the Average Directional Index for the CHZ coin shows a mild bullish trend.
Conclusion
After a rapid bullish surge, the Chiliz coin appears to be in a correction phase. If bulls fail to keep the price above the falling trendline, bears may reclaim control of the preceding trend.
Support level – $0.16 and $0.10
Resistance level – $0.25 and $0.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.