- The Chiliz coin continued to form lower-highs on the 4-hours price chart.
- On the weekly time frame, the bulls are struggling near the 50-DMA.
- In August, the bulls gained over 75% due to a round bottom recovery.
The Chiliz token’s trajectory has shifted owing to concealed bullish obstacles. Over the last few weeks, altcoins have seen an outstanding bullish run. The coin deviates from the crypto market’s trend. Bitcoin has been trading around $20 for the previous few days, which has had an influence on the rest of the altcoins as CHZ enters a retracement period this week.
On the weekly time scale, Rapid recovery recently established a rounded bottom pattern. This rounded bottom pattern moves the CHZ coin 70% higher till it meets the downsloping trendline at $0.45. In the $0.1 conceptual bottom, there is a significant pumping zone for more decline.
As we can see above the chart, the last two weeks were highly volatile. Ongoing retracement occurs as sellers find selling opportunities on the 50-day moving average on the weekly time frame, with buyers targeting this bullish barrier at the $0.40 area. Meanwhile, as of press time, the CHZ coin was trading at the $0.206 mark.
The bulls barely manage to hold the CHZ price above the $0.20-support level. The market cap declined by 3.1% to $1.24 billion in the last 24 hours, amid a lower-higher pattern. Nevertheless, the 20-DMA turned out to be a major buying area on the daily price scale.
RSI Reaches at Semi-line Due to Retracement
The daily RSI indicator is showing a potential bearish divergence as it broke below the 60-resistance. Any move below the semi-line could affect sellers. Moreover, MACD started a downside move after a bearish crossover.
Chiliz token again headed towards the short-term support of $0.20. Bears have seen more crime than bulls amid the decline as bulls have retested the 20-DMA multiple times. Any daily close below the 20-DMA could lead the price to $0.16
Support level – $0.20 and $0.15
Resistance level – $0.30 and $0.35
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.