Chiliz Price Analysis: A Breakout From The $0.57 Level Would Initiate Significant Up Movement In CHZ Coin
The CHZ/USD weekly chart shows a steady rally, displaying three consecutive long green candles gaining over 94%. The CHZ token would provide a strong bull run if its price reclaims the $0.57 resistance.
Key technical points:
- The CHZ coin price gives an ascending triangle breakout in the 4-hour time chart.
- The CHZ price obtains strong dynamic support from the 50 EMA
- The intraday trading volume in the CHZ coin is $1.5 Billion, indicating a 35.4% hike.
Source- CHZ/USD chart by Tradingview
The CHZ coin price surged over 94% in the past three weeks resulting in three consecutive bullish engulfing candlesticks in the weekly chart. The token price is currently standing at the doorstep of a crucial resistance of the $0.57 mark, preparing for the next bull run.
The CHZ coin in the daily time frame chart shows a solids bullish alignment of the crucial EMAs(20, 50, 100 and, 200). These EMA lines would act as good support for the price if the price starts to move lower.
The Relative Strength Index value at 68 indicates a steady growth of the CHZ price.
CHZ/USD Chart In The 4-hour Time Frame
Source- CHZ/USD chart by Tradingview
As explained in my previous article on Chiliz, The CHZ price was forming an ascending triangle pattern in the 4-hour chart. The neckline resistance of the triangle is near the $0.53 mark, and the price has provided a decisive breakout from this overhead resistance.
The CHZ coin is currently in a retest phase, and if the price manages to sustain above the pattern neckline, the coin would have a better chance of reclaiming the $0.58 resistance. Furthermore, the MACD indicator states a bullish momentum for this coin where the MACD and signal are moving above the neutral zone.
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