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Cryptoknowmics 2022-09-27 11:28:08

CHZ Technical Analysis: $0.25 Retest Brings Best Entry For New Buyers

The CHZ Technical Analysis shows a lower price rejection supporting the post-retest reversal rally from the $0.25 support zone. The CHZ price action shows a decline in the last few days, retesting the $0.25 breakout. Moreover, the lower price rejection in the previous candle teases a morning star formation to increase the bullish momentum further. So should you take a bullish entry in Chiliz? Key Points: The Chiliz prices show the $0.25 retest. The morning star at $0.25 will propel the prices higher to the $0.30 mark. The intraday trading volume in Chiliz is $185 million. Source – TradingView CHZ Technical Analysis As mentioned in our previous analysis, the CHZ price breaks the $0.25 horizontal zone with a price jump of 17% on September 22nd. The spike in the intraday trading volume supports the bullish breakout reflecting the bullish inclination in the underlying sentiments. However, the lack of bullish follow-through results in higher price rejection and an evening star pattern leading to a retest of the $0.25 breakout. With the declining market value over the last few days, the price action retests the $0.25 breakout and shows low price rejection in the previous daily candle. Currently, the price action displays a 1.41% jump in the market value teasing a morning star pattern forming at the $0.25 mark. This will increase the likelihood of a post-retest reversal leading to a bullish trend continuation. If the buying pressure ...

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