Chiliz Price Analysis: CHZ Token Is In Buy Mode Above Uptrend Line

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  • Chiliz has increased its market capitalization by more than 3% in the past 24 hours, with the coin’s price moving above an uptrend line.
  • Chiliz investors are trying to push the price above the 20-day exponential moving average on the daily price chart.
  • The Chiliz token is up 6.25% at 0.000000431 satoshis with the bitcoin pair.

The Chiliz confirmed the short-term bullish rally as the bulls barely manage the price above the psychological level of the $0.10 round. Due to the recent stock market crash, Chiliz coin is down again by more than 38% in the last 30 days.

However, according to the longer-term outlook, the CHZ token is still bearish and the token remains uncertain as the price of the altcoin nears yearly lows. Further selling can occur at any time if the bulls fail to manage the bullish momentum above the uptrend line (white).

The $0.1350 mark acts as a short-term resistance level for the bulls, with the bulls needing to claim this area as soon as possible. As of this writing, Chillies is trading at $0.127.

According to the CMC, the market capitalization of the CHZ token has increased by more than 3% in the last 24 hours. Additionally, the Chiliz token is up 6.25% at 0.000000431 satoshis with the bitcoin pair.

Strong buying volume helps propel Chiliz coin further, but bulls still need to muster more buying power for even more bullish momentum. Similarly, trading volume jumped nearly 10% last night.

Stoch RSI is heading towards an overbought zone

On the daily price chart, Chiliz investors are trying to push the price above the 20-day exponential moving average. It now remains to be seen if the bulls manage to close the daily price candle above this area.

The Stoch RSI indicator is still moving towards the oversold zone on the daily chart with buying momentum. But on the other hand, the ADX started to drop, indicating that the Chiliz coin has weak momentum.

Conclusion

However, the price action of the Chiliz coin is leading to a higher formation towards a short-term resistance zone. There is also a significant dominant zone with buyers to see a more bullish rally.

Technical levels

Support level – $0.10 and $0.080

Resistance level – $0.15 and $0.20

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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