- The price of the CHZ token has been trending lower for the past two days and is currently trading at $0.10.
- The token gave a breakdown of the long-term demand zone at 0.12.
- The CHZ/BTC pair is trading at 0.00000516 with a 1.21% increase in the digital asset’s market cap over the past 24 hours.
The price of the CHZ token is in a downtrend on a daily timeframe and faces a continued rejection from the green trendline, acting as a long-term supply zone. The price of the CHZ token is trading above the $0.12 supply zone on a daily time frame. The token is forming a lower low and lower high formation on a daily timeframe. Right now, the token is sitting on a long-term supply zone turned into a demand zone on the weekly timeframe, and so it may start to rise if the bulls maintain control. But if the token breaks the demand zone, it can drop quickly. Currently, the token is trading below the entire crucial exponential moving average (20, 50, 100) and could be rejected higher. The price of the CHZ token has been trading in a small range from the past trading days, and so a breakout on either side will trigger the big move. The token is currently trading in the upper band of the Bollinger Band indicator. The Bollinger Band range has turned narrow, indicating impulsive movement in the coming trading days. Volumes have declined, and therefore the momentum on all sides will continue for a long time due to lower volatility.
The price of the CHZ token appears to be on the verge of a breakout of the triangular pattern on the daily timeframe
The CHZ token was in a downtrend over a longer timeframe, which led to the formation of a symmetrical triangular pattern on a daily timeframe. Right now, the token has been hovering around the supply zone for a week.
Average Directional Movement Index: The ADX has been steadily plunging over the past few trading days, and recently it fell below 25 as the token was rejected at $0.12. The ADX curve is seen to straighten as the token forms a symmetrical triangular pattern, and it has turned upwards at present. Thus indicating a halt in price movement and a possible change in the pattern of price movement.
Relative strength indicator: The RSI is trading at 53.38. The RSI curve broke through the 50 mark halfway through, and so once it gives a breakout of the symmetrical triangle pattern, the token can be seen rising. The RSI curve also broke above the 20 SMA, indicating bullish momentum for the upcoming trading days.
MACD and Supertrend show indecision on a daily timeframe
The price of the CHZ token, as the price action suggests, is trading in a small parallel channel. There can be impulsive movement on the charts as the trading range is very tight.
Moving Average Convergence Divergence (Bullish): The MACD indicates a bearish trend on the daily timeframe as it gives a negative cross. As the token is trading in a small range, the MACD indicator seems to suggest downward movement. Despite the indication, investors should wait for a breakout on either side and then take positions.
Supertrend: The crypto market saw a massive sell-off overall which affected all cryptocurrencies. At present, the market seems to have come to a halt, and therefore, the CHZ token is also supporting the demand zone and moving forward. The token formed a large bullish green candlestick pattern that led to breaking out of the super trending sell line.
The price of the CHZ token, according to the price action, seems to be ready for a big move, at least in the short term. Big can be seen from either side as the technical parameters are undecided.
SUPPORT: $0.10 and $0.09
RESISTANCE: $0.12 and $0.14
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.