With the recent correction phase testing the inverted head and shoulder breakout, is Chiliz (CHZ) preparing a launch to $0.091?
As the Bitcoin price is struggling to uphold the $61k support, a market-wide selling spree puts the altcoin back to critical support. Amid such conditions, the Chiliz token is down with a second bearish day and hangs at a crucial supply-turned-demand zone near $0.067.
Will the CHZ price sustain above this critical zone for a post-retest jump to $0.074?
Chiliz Price Analysis
Following a bearish reversal from the $0.074 resistance level, Chiliz’s price has dropped by 8.09% over the past two days. The current price of CHZ is $0.0679, reflecting an intraday decline of 3.12%.
However, the ongoing correction comes as a potential retest of a bullish pattern. During the reversal from $0.058 to the uptrend, Chiliz’s price action formed an inverted head and shoulder. The previous positive cycle from $0.058 to $0.074 accounted for a 27.5% surge.
With the neckline breakout near $0.067, this correction suggests a potential retest phase. Additionally, the long-tail intraday candle indicates a possible post-retest reversal.
Furthermore, the intraday candle finds support at the 20-day EMA (red) and the 38.20% Fibonacci level at $0.06636. Crucial EMAs—50-day, 100-day, and 200-day—remain in bullish alignment, offering multiple dynamic support levels.
However, the sudden drop in the daily RSI from the overbought zone to the midpoint signals a decline in bullish momentum, leaving technical indicators mixed in the short term.
Will Chiliz Hit $0.091?
Based on the Fibonacci levels, an uptrend continuation with a post-retest reversal will rechallenge the 78.60% level at $0.074. A bullish breakout will lead the way to the next swing high at the 1.618 level at $0.091.
On the flip side, the crucial support levels for Chiliz are $0.063 and $0.058.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/10/chiliz-chz-heads-for-post-retest-jump-to-0-091-after-dropping-to-0-067/?utm_source=rss&utm_medium=rss&utm_campaign=chiliz-chz-heads-for-post-retest-jump-to-0-091-after-dropping-to-0-067