 price has witnessed strong selling pressure in a broader time frame. During this bearish momentum, the CHZ price){kind=link}
- The trading volume has risen by 180% and promoted itself to 17th in the cryptocurrency market.
- CHZ price has risen by 30% in a week and has reached the 200-day exponential moving average (EMA).
The Chiliz (CHZ) price has witnessed strong selling pressure in a broader time frame. During this bearish momentum, the CHZ price reached a multi-year low in August.
Buyers have shown their involvement at the bottom and pushed the price to the 200-day EMA. It has triggered a pullback and has risen by % in a week. Let’s see how it performs after the pullback.
Technical Analysis of CHZ Price Over Daily Timeframe
When writing, the CHZ price traded at $0.072 with an intraday gain of 2.56%. The market capitalization was $658.78 Million, and the 24-hour trading volume was $391.25 Million.
The bearish momentum was halted near the $0.0500 territory, and buyers slowly took control. The price has departed from the major support zone of $0.0500. It is struggling between the 20-day EMA and the 200-day EMA.
At press time, the Chiliz crypto was wandering in the crucial zone where both scenarios could be triggered.
According to the technical chart, the CHZ price surge shows a bullish forecast. However, it has triggered a bullish pullback, which could invite buyers.
Buying pressure can be expected once the price starts trading over the 200-day EMA. The trading volume increased during the pullback, which could be a buying signal.
On the other hand, if the digital asset price faces resistance from the 200-day EMA, it could be a problem for buyers. Sellers may dominate further if the CHZ price slips below the 20-day EMA.
Based on the technical indicators, the RSI has displayed a bullish divergence, which could attract buyers. It has smashed the 20-day EMA and reached the 200-day EMA. MACD has generated a bullish divergence with the Signal line, and the histograms have flipped to green.
Is CHZ Price Ready to Shoot Up After the Breakout?
CryptoJack (@cryptojack) is a cryptocurrency analyst who shared his analysis on X (formerly Twitter). He claimed that the Chiliz crypto price is at the crucial breakout level on a weekly time frame.
The price has reached a major resistance level of $0.0750. A successful breakout from this zone might trigger a bullish momentum. The CHZ price can potentially extend to the $0.150 mark after the breakout.
Chiliz Price Analysis and Forecast
Based on the technical analysis, the CHZ price has shown bullish signs, with a significant increase in trading volume and a 30% rise in a week.
The price has reached the 200-day exponential moving average (EMA), triggering a pullback. The RSI has displayed a bullish divergence, and the MACD has generated a bullish signal.
Buying pressure can be expected if the price continues to trade above the 200-day EMA. However, if it faces resistance at this level, sellers may dominate.
It’s essential to monitor the price action. It is navigating between the 20-day EMA and the 200-day EMA to assess the next potential market movements.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
