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
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.
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.
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