Published 4 hours ago
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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