- Chiliz token is moving upwards in an ascending parallel channel.
- On the 4-hour chart, the CHZ coin is struggling for more momentum at the 20-DMA.
- The Chilliz token is up 5.3% in the last 24 hours with USDT.
Chiliz coin fell a little when BTC re-entered the $20K range this week. Following a brief sell-off, the CHZ coin began to trend higher over a shorter time period. As per CMC statistics, the Chiliz coin has led the leaderboard this week with a gain of more than 18.5%.
Despite the crypto market’s downturn, CHZ investors have kept the asset price in an upward parallel channel on the 4-hour chart. Somewhere at the time of writing, the CHZ coin is trading higher versus the USDT pair, at $0.226. Similarly, the Chiliz token/Bitcoin pair is up 5.54% to 0.000001127 Satoshis.
Amidst the recent selloff, buyers found support at the 0.20 mark. If the buyers fail to manage the $0.20 support, the $0.16 mark is acting as a key defensive zone for the bulls. Meanwhile, the market cap of the CH token has increased by 5.3% to $1.36 billion in the past 24 hours according to CMC.
On the 4-hour price scale, the 50-day moving average is trading below the current price of CHZ. At the time, the CHZ coin was struggling at the 20-DMA for more momentum. Buyers are again aiming for a week high of $0.26, but trading volume is down 36% in the past 24 hours.
Will CHZ Follow BTC Path Further?
On the daily price scale, the RSI indicator turned bullish again as it moved above the 60-mark. Besides, the MACD continues to move higher in the positive zone.
Conclusion
Despite the decline in the crypto market, the Chiliz token is strongly bullish this week. The ascending parallel channel suggests buyer dominance, but even so, the CHZ token remains uncertain due to the decline in BTC.
Support level – $0.20 and $0.15
Resistance level – $0.30 and $0.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.