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
- $1.68 Trillion T. Rowe Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
