MEXCCan The Rising Chiliz Coin Price Surpass $2.25 Barrier?
The Chiliz coin technical chart shows the cup and handle pattern formation. This bullish pattern is often spotted at the market bottom and assists buyers in extending their recovery to a greater height. Moreover, even the August second half correction bolsters for this pattern’s handle portion, which supported at $0.184. This handle portion is important for a potential recovery as it indicates the traders are buying at dips.
Key points
- The Chiliz price recovery under the influence of cup and handle pattern
- A breakdown below $0.184 will undermine the bullish pattern
- The intraday trading volume in the CHZ is $703 Million, indicating a 1% gain
Source- –Tradingview
On September 15th, the Chiliz coin price rebounded from this $0.184 support and formed a double bottom pattern. This bullish pattern gives an extra boost to drive price recovery to higher levels. Thus, on September 17th, the buyers gave a bullish breakout from the $0.222 neckline resistance.
Earlier today, the Chiliz coin price showed an excellent follow-up for pattern breakout with a 10% intraday jump. However, a sudden selling in the crypto market offset today’s gains and reverted the prices with a long-wick rejection.
Anyhow, if the coin buyers manage the daily candle closing above the $0.22 resistance, this level will flip into a suitable footing. With sustained buying, the altcoin may drive the prices higher to rechallenge the $0.251. This supply zone is the neckline for the cup and handle pattern.
Completing this pattern, with a break above the $0.258 barriers, will further accelerate the bullish momentum and drive the prices to the $3.32 mark.
Technical Indicators
Vortex indicator: the bullish crossover between the VI+ and VI- slope hints at active buying in the market and the bullish theory to breach the $0.258 neckline
EMAs: the coin price trading above the crucial EAMs(20, 50, 100, and 200) accentuates a bullish trend. Moreover, these could assist buyers in maintaining this bull run.
- Spot price: 0.2293
- Trend: bullish
- Volatility: High
- Resistance levels- $0.258 and $0.33
- Support levels- $0.22 and $0.184
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