Volume Action Says Chiliz Price Could Hit $0.28 In Coming Weeks
The Chiliz price reverted thrice from diverging trendlines of the megaphone pattern, indicating the traders strictly respect its trading set-up. Furthermore, the altcoin has recently bounced back from the support trendline and triggered a new bull cycle. Under the influence of this chart pattern, the bullish recovery is set to reach the overhead trendline.
Key Points:
- The megaphone pattern governs the Chiliz price action
- The daily-RSI slope entering the bearish territory offers an extra edge to market sellers.
- The 24-hour trading volume in the Chiliz coin is $642.1 Million, indicating a 54.5% rise.
Source-Tradingview
The last three months of Chiliz price consolidation show the megaphone pattern formation. In theory, this continuation pattern presents a sideways rally of uncertainty which later on bolster a directional upon the breakout of its diverging trendlines.
Moreover, amid the release of positive CPI data, the Chiliz price recently jumped from the support trendline and surged 47.8% to hit the local resistance of $0.228. However, in response to sluggish market behavior, the altcoin reverted from the aforementioned resistance.
Thus, the Chiliz price fell for three consecutive days and registered a 20% loss to reach the $0.1875-$0.18 support. Furthermore, the decreasing volume during this downfall indicates a temporary pullback, and the long-wick rejection confirms the weakening of bearish momentum.
Thus, with sustained buying, the ongoing bull cycle within the pattern should chase the overhead trendline, which is 55% higher at $0.3.
On a contrary note, a daily candle closing below $0.18 will lower the prices to retest the support trendline.
Technical Indicator
MACD Indicator: a positive divergence of MACD and signal line with the last two swing lows in price action shows growth in underlying bullishness. Moreover, despite the recent correction in the crypto market, these slopes sustain above the neutral line, indicating a positive outlook for market participants.
EMAs: the flattish EMAs(20, 50, 100, and 200) accentuate a sideways rally in Chiliz price. However, these EMAs are moving just above the coin price, putting additional selling pressure on traders,\.
Chiliz Intraday Price Levels
- Spot price: $0.1888
- Trend: Bearish
- Volatility: High
- Resistance level- $0.227 and $0.258
- Support level- $0.18 and $0.1586
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