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Cryptoknowmics 2022-08-23 06:11:20

CHZ Technical Analysis: CHZ Bounces Back Above $0.20

The CHZ technical analysis shows a remarkable V-shaped recovery rally breaking above the $0.20 mark, teasing a price jump to the overhead resistance at $0.25. Key Technical Points: The Chiliz market price dropped by 22% in the last two days. The V-shaped recovery forms a neckline at $0.22. With a market cap of $1.34 billion, the intraday trading volume of Chiliz has increased by 97% to reach $708 million. Past Performance of CHZ The Chiliz (CHZ) price action shows a remarkable, bullish recovery in the last 48 hours with the morning star formation and avoiding a drop below $0.18. The bullish recovery undermines the previous week’s downfall and re-establishes the bullish dominance over the $0.20 psychological mark. In addition, the recovery rally forms a neckline at the $0.22 mark, the breakout of which will lead to a bullish trend to the $0.25 supply zone. Source – Tradingview CHZ Technical Analysis The CHZ price action displays a spike in the trading volumes supporting the recovery trend, increasing the likelihood of an uptrend continuation. Therefore, traders can find a bullish entry point with the breakout of the $0.22 neckline. With the buyers back in the driving seat, the bullish gap between the 50 and 100-day EMA increases. As the RSI slope reverts to the overbought boundary, the indicator reflects an increase in the underlying bullishness. Moreover, the fast and slow lines avoid a bearish crossover as the positive MACD h...

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