- Chiliz price is gaining after escaping the falling wedge pattern over the daily price chart.
- CHZ crypto has successfully recovered above 20, 50, 100 and 200-days Daily Moving Average.
- The pair of CHZ/BTC is at 0.00001106 BTC with an intraday gain of 0.16%.
After successfully escaping the falling wedge pattern, the price of Chiliz has been declining and is again seeking to rally bulls. The CHZ coin’s price trend shows that CHZ bulls made several attempts to recover the token before succeeding. Bulls must deliver the breakthrough if the token is to maintain its position above the falling wedge pattern. In the meantime, the CHZ cryptocurrency has experienced an explosive bullish rally and is currently trading above all of the moving averages. To advance the token toward the recovery upward, CHZ coin must retain the momentum of the current increase.
Currently valued at $0.235, Chiliz’s market capitalization has dropped by 1.19% during the last 24 hours. The trade volume fell by 6.51% during the intraday trading session. This illustrates that the token is being moved back from the upper level by bears. Volume to market cap ratio is 0.547.
The CHZ coin price has to stay in its current position in order to break out of the falling wedge pattern. The coin is currently striving to hold its position above the pattern while trading with strong rising momentum and entirely bullish market sentiment.
The CHZ currency has to find buyers in order to exit the collapsing wedge shape. The token needs to break free of the falling pattern in order to surge and record its breakout. Bulls are currently in control of the volume change and are working nonstop to allow the token to breakout.
Will CHZ Crypto Escape this Bearish Trap?
CHZ coin price has successfully escaped the falling wedge pattern and is trying to sustain at the current level over the daily price chart. However, CHZ bears are trying to reverse the trend for CHZ coin. Technical indicators suggesting the downtrend momentum of CHZ coin.
Relative Strength Index showcases the downtrend momentum of CHZ coin. RSI is at 68 and is returning back from the overbought territory. However, MACD exhibits the bullish momentum of CHZ coin. The MACD line is ahead of the signal line and is trading in the positive zone.
Conclusion
After successfully escaping the falling wedge pattern, the price of Chiliz has been declining and is again seeking to rally bulls. The CHZ coin’s price trend shows that CHZ bulls made several attempts to recover the token before succeeding. Bulls must deliver the breakthrough if the token is to maintain its position above the falling wedge pattern. In the meantime, the CHZ cryptocurrency has experienced an explosive bullish rally and is currently trading above all of the moving averages. Bulls are currently in control of the volume change and are working nonstop to allow the token to breakout. Technical indicators suggesting the downtrend momentum of CHZ coin. The MACD line is ahead of the signal line and is trading in the positive zone.
Technical Levels
Support Levels: $0.177 and $0.175
Resistance Levels: $0.260 and $0.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/27/chiliz-price-analysis-chz-crypto-getting-back-on-the-track-after-escaping-the-falling-wedge/