Chiliz Technical Analysis | Sports Token’s Price Streaks Higher Under Heavy Trading Volume

1 min read

Will the CHZ coin price be able to reach the $0.68 mark soon? A bullish breakout of the CHZ double bottom graph on the weekly chart followed by the formation of an ascending triangle pattern in the 4-hour chart indicates that the underlying bullish momentum is growing. In addition, the price has increased by more than 75% in the past three weeks.

  • The CHZ token price gives a double bottom breakout in the weekly chart.
  • The price action makes an ascending triangle pattern in the 4-hour time frame.
  • The intraday trading volume in Chiliz is $940 Million, an 110% increase.

 

TradingView Chart

Source-CHZ/USD chart by Tradingview

The CHZ coin price increased more than 75% in the past three weeks resulting in the bullish engulfing candlesticks in the weekly chart. Furthermore, the price action gives a decisive breakout from the double bottom pattern with the neckline at the $0.42 mark.

If the CHZ coin sustains above the $0.48 mark, it may get on a bull run to $0.65 in the next few weeks. Moreover, the token price is moving higher than the crucial daily EMAs (20, 50, 100, and 200), indicating a strong bullish alignment that can support the price during a reversal.

The Relative Strength Index (RSI) line rises higher in the daily chart and approaches the overbought territory, indicating a growth of bullish sentiments for the coin.

CHZ/USD Chart In The 4-hour Time Frame

 

TradingView Chart

Source-CHZ/USD chart by Tradingview

The CHZ price action makes an ascending triangle pattern in the 4-hour chart. The resistance zone of the triangle is near the $0.52 mark. Hence, the bullish breakout of the resistance zone can generate a buying opportunity for traders.

Furthermore, the traditional, quarterly pivot levels showcase important pivot levels that can affect the price trend. As per the pivot levels, the following resistance level for the trend is $0.56, followed by $0.67. And, on the opposite end, the support levels are at $0.41 and $0.30.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

 

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