Here’s Why The Fast-Recovering Chiliz Price May Hit $0.255 Mark

Amid the last two week recovery in the crypto market, the Chiliz price bounced back from the $0.165 support and triggered a V-shaped recovery. Furthemore, the bull run breached seversal resistance and now challenged another at $0.223. How will prices react to this breakout?

Key Points:

• The CHZ price shows breakout attempt from $0.23 resistance.
• The recently reclaimed EMAs(20, 50, 100, and 200) could assist buyers to maintain the ongoing recovery longer
• The 24-hour trading volume in the Chiliz coin is $374 Million, indicating a 10.41% loss

Source-Tradingview

The last correction phase in the crypto plunged the Chiliz price to 0.618 Fibonacci retracement level at $0.165 mark. However, with a drastic improvement in the global market the altcoin witnessed a sharp recovery from aforementioned support.

Thus, the Chiliz price has jumped 33% within a fortnight and reached a high of $0.232. However, due to profit booking from short-term traders, the price has reverted slightly lower than the $0.23 resistance.

If the buyers managed the daily candle to close above the $0.23 mark, the traders would acquire a suitable launchpad to take the next price jump. Thus, the potential breakout rally could drive the prices 14.5% higher to hit the $0.254 mark.

On a contrary note, if the price continues to face supply pressure from the $0.23 resistance, the trades may witness a minor price correction. Thus, the $0.2066 or $0.1825 support could bolster the Chiliz price to resume its prior recovery.

Technical Indicator

Relative Strength index: the daily-RSI slope performs a sharp jump above the midline, indicating confidence among trades for buy orders.

Vortex indicator: the increasing gap between the VI+ and VI- slope indicates the traders are focused on buy positions. 

EMAs: the buyers managed to reclaim a cluster of EMAs(20, 50, 100, and 200) amid the recent recovery, offering some extra edge for long holders. Moreover, a possible bullish crossover between the 20-and-50-day EMA would accelerate the buying momentum. 

Chiliz Intraday Price Levels

• Spot price: $0.221
• Trend: Bullish
• Volatility: Low
• Resistance level- $0.223 and $0.2544
• Support level- $0.207 and $0.18