- Chiliz token has broken above the POC level ($0.260-point), which was a strong resistance level.
- The Chiliz token saw a robust liquidation last night with a gain of 198% after the retracement phase.
- The significant moving averages such as 20,50,100 and 20 EMAs are well below the live price of CHZ token.
The Chiliz coin appears to be in a bullish mood after a breakout of the long-term resistance (the $0.260 level). Buyers have turned aggressive for the CHZ token and are looking for buying opportunities at each minor retracement stage; Therefore, the price action forms a bullish spike.
Since the end of December, the CHZ token has performed poorly below a sloping trend line, causing the coin to lose less than 60% to its 2022 lows. Bulls found a buying opportunity above $0.160-key support and they barely held the asset up and noted the accumulation phase twice.
Thus, Chiliz live price is trading at $0.305, up 12.4% (as per CMC) at the time of writing, which takes the price to a high traded zone of $0.33 over the past 7 months. Moreover, the CHZ/BTC pair price is up 12.9% at 0.000006432 Satoshis.
For the past several days, the CHZ token has had high liquidations; Therefore, traders saw an increase of over 190% in trading volume over the past 24 hours.
High Liquidation Points To The Stability Of The CHZ Token
The daily price chart of Chiliz is trending above the significant moving averages and today, the bulls are attempting to close the daily price candle above the 200-EMA (red), which could lead to a further bullish rally.
The daily RSI is moving towards the overbought zone after taking support above the halfway line (50-mark). The RSI at 76-point depicts solid stability for the CHZ token as of present.
The Average Directional Index (ADX) is set to move higher and is now at 32-level, pushing the price of the Chiliz token higher.
Conclusion
According to the Volume Profile Visible Range (VPRV) indicator, the Chiliz token is just below the $0.330 control point. The bulls need to push the coin price higher with massive trading volume for directional trend stability.
Support level – $0.26 and $0.16
Resistance level – $0.350 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.