RSI Divergence Foretells The Chiliz Price Rally Could Hit $0.3

The Chilliz coin price shows the formation of a megaphone pattern in the daily time frame chart. The coin price retested the pattern’s expanding trendline thrice, indicating the trades are following with pattern. Though this technical setup offers a duel side breakout opportunity, the bullish divergence RSI gives buyers an upper hand

Key Points:

• The CHZ price shows following a bull cycle with the chart pattern
• The $0.222 breakout would accelerate the bullish momentum.
• The 24-hour trading volume in the Chiliz coin is $1.26 Million, indicating an 11.2% gain.

Source-Tradingview

Chiliz holders seem to take the FTT tragedy better than others in the crypto market as the market price bounces back above $0.20. After a remarkable price jump of 40% yesterday, currently, the power struggle draws a Doji candle in the daily candle.  

Recovering half of the lost value during the recent market crash, Chiliz price trend sustains above the 50-100-200-day EMA. However, the Doji warns of an evening star at the $0.22 resistance level, promoting a bearish reversal. 

Monitoring the larger price action, a megaphone pattern stands out in the daily timeframe with an ongoing bull cycle. This increases the possibility of an upside breakout, but the buyers must overtake the 20-day EMA to continue the cycle. 

Anyhow, a prolonged increase in the Chiliz price will reach the overhead bearish milestone at $3, accounting for a 36% jump. 

However, an evening star will dump the market price by 16% to test the $0.18 level, followed by $0.153.

Technical Indicator

RSI: The daily RSI slope shows a bullish divergence concerning the last two swing highs within the pattern. This divergence indicates growing bullish momentum and a higher chance for a bullish breakout.

EMAs: the flatish EMAs(20, 50, 100, and 200) reflect an uncertain trend in Chiliz price. However, the price trading above most gives buyers an extra edge.

Chiliz intraday price levels

• Spot price: $0.218
• Trend: Bullish
• Volatility: High
• Resistance level- $0.22 and $0.2581
• Support level- $0.187 and $0.153