NewsletterChiliz Price Prediction: Bullish Pattern Setup Prepares a Potential 22% Rally; Enter Now?
Chiliz Price Prediction: In the last four months the CHZ price bounced back twice from the $0.1 psychological support indicating the buyers are actively accumulating at this support. Moreover, in the daily time frame chart these two reversals showcase the formation of a bullish reversal pattern called the double bottom. Here’s how this chart pattern may affect the future price of the Chiliz coin.
Key Points:
- Under the influnce of a double bottom pattern, the Chiliz price is more likely to reach the monthly resistance of $0.17
- A bullish diverging in the daily RSI slope increases the possibility for extended recovery
- The intraday trading volume in the CHZ coin is $299.2 Million, indicating a 227% gain
Source- Tradingview
The formation of the double bottom pattern is often observed at the market bottom as it is one of the famous reversal patterns. The W-shaped structure showcasing two reversals from the same level indicates the buying pressure at a lower level is rising.
From the base support of $0.1, the Chiliz price has 38.8% within a month and currently exchanging hands at the $0.138 mark. With sustained buying, the altcoin may rise another 6.5% to challenge the $0.147 local barrier.
The $0.147 level is a strong resistance that could the prices could halt for a certain period before the price makes further progress.
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However, under the influence of a double bottom pattern, the CHZ price is more likely to surpass the $0.147 resistance and rise 16% to hit the $0.17 neckline resistance.
Technical Indicator.
Relative Strength Index: While the price action rebounded twice from the same level of $0.1 support, some degree of levitation in the daily RSI slope concerning the two lows indicates growth in bullish momentum.
EMAs: The 200-day EMA moving near the $0.147 increases the resistance power of this level. While the recently reclaimed may offer pullback support to buyers to resume the bullish rally.
Chiliz Coin Price Intraday Levels
- Spot price: $0.138
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.147 and $0.17
- Support level- $0.123 and $0.112
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