Chiliz Price Analysis: CHZ Coin Gives Double Bottom Breakout Hinting A Bull Run To The $0.68 Mark.
Will the CHZ coin price reach the $0.68 mark? The bullish breakout of the double bottom pattern in the weekly chart followed by the formation of the ascending triangle pattern in the 4-hour timeframe indicates growth in underlying bullish momentum. Moreover, the price increased by more than 75% in the past three weeks.
- The CHZ coin price gives a double bottom breakout in the weekly chart.
- The price action makes an ascending triangle pattern in the 4-hour chart.
- The intraday trading volume in the CHZ coin is $940 Million, indicating a 110% hike.
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, we can observe 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
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
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