Crypto

Chiliz Price Analysis: Is CHZ Crypto Price Bottoming Out?

10/24/2023
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Chiliz Price Analysis: Is CHZ Crypto Price Bottoming Out?

Chiliz’s price is on a gaining streak from four Intraday sessions. The CHZ price is up over 5.6% in Intraday and currently trades at $0.063. The price has broken above the 50-day EMA. The CHZ price has gained over 12.71% in the last four Intraday sessions. 

The daily chart illustrates that the crypto price was in a declining phase below the 50-day EMA. The price declined, suffering multiple rejections from the 50-day EMA to form a new low. 

 However, the recent decline failed to create a new low and the price surged after testing the previous low resulting in the formation of a double-bottom pattern. The price has recently broken above the 50-day EMA and is trying to sustain above it. 

The volume analysis shows that the Chiliz crypto price has a trading volume of $98.419 Billion in the past 24 hours which is 181.90% more than the last day. The crypto has a market cap of $476.20 Billion and ranks 71st in the crypto market. The volume-to-market-cap ratio is 14.67% indicating mild volatility in the market.

Chiliz Price Has An Upside Potential Till The 200-day EMA

Chiliz Price Analysis: Is CHZ Crypto Price Bottoming Out?
Source: CHZ/USD By TradingView

The Chiliz price is nearing the previous swing high which is the immediate resistance zone. The price may need to struggle to surpass the zone. The breakout above the recent resistance zone may unlock the upside potential till the 200-day EMA. 

Moreover, the price may decline to lower levels if sellers dominate near the recent resistance. 

RSI Signals That The Bulls Are Regaining To Recover The Decline 

Chiliz Price Analysis: Is CHZ Crypto Price Bottoming Out?
Source: CHZ/USD By TradingView

RSI is showing a positive crossover of the EMA. Moreover, the RSI line is above the mean line indicating an optimistic trend in the short term. The RSI line is headed upwards taking support from the SMA line. 

The EMA analysis shows that the CHZ price has broken above the 50-day EMA indicating a bullish outlook in the short term. However, the price is still below the 200-day EMA indicating a bearish trend prevailing in the long term.  

Conclusion

Chiliz price is bullish and up 5.6% today. The CHZ price broke above the 50-day EMA and is at $0.063. The price formed a double bottom pattern and rose from the previous low. The volume is high and up 181.90% in 24 hours. 

The price may face resistance at the previous swing high. The breakout above it may lead to the 200-day EMA. The price may fall if sellers dominate. The volume-to-market-cap ratio is 14.67% indicating mild volatility.

Technical Levels

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Source: https://www.thecoinrepublic.com/2023/10/23/chiliz-price-analysis-is-chz-crypto-price-bottoming-out/