The Chiliz (CHZ) recovery rally has gained 45% from the $0.16 bottom support. During the run, the bulls knocked out two significant resistance of $0.198 and $0.24. Today, the altcoin gives a retest opportunity for breakout traders, opening the path to the 40% mark, i.e., $0.35.
- $0.237 retest brings a buying opportunity for a 40% rally.
- The daily-RSI slope rallying with new higher high and higher low
- The 24-hour trading volume in the Chiliz coin is $374 Million, indicating a 10.41% loss
The January sell-off dumped the Chiliz (CHZ) price to $0.16 yearly support. The buyers attempted to rebound from the bottom support twice, but the sellers reverted them in the same number suggested a range-bound rally.
However, the rising bullish sentiment in the crypto market has formed a high low in price action, resulting in ascending triangle formation. On March 25th, the long bullish candle pierced the 100 DMA and overhead neckline of $0.236, suggesting the end of the accumulation phase.
Today, the CHZ price is 3.92% down, giving a retest to the breached resistance. Furthermore, the potential rally from $0.236 could lead to a 40% rally to $0.35.
However, a daily candle closing below the $0.236 mark will invalidate the bullish thesis and could sink the coin price back to $0.16 support.
The daily RSI slope has been trending higher during the recent price consolidation, indicating the rising bullish momentum.
Moreover, the MACD indicator lines(MACD and signal) have entered the positive territory. The increasing gap between these lines highlights aggressive buying from traders.
- Resistance levels– $0.28 and $0.35
- Support levels– $0.236 and $0.191
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?