CHZ Price Analysis: Chiliz Coin needing support from the bulls to reclaim resistance

•Chiliz coin is currently priced at $0.21 and is down 0.51% in the past 24 hours

•The Volume has seen an increase of 14.69% over the past 24 hours

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•The technical indicators suggest sideways price movement likely to continue 

Short Term View: Chiliz coin enters a period of consolidation 

The Chiliz price today is $0.216757 USD with a 24-hour trading volume of $143,174,323 USD. Chiliz is up 0.51% in the last 24 hours. The Trading Volumes have increased by a substantial amount in the past 24 hours for Chiliz coin. Volume to Market capitalization of CHZ is 0.1105, hinting at the consolidated momentum. If the ratio crosses above 0.8 then a strong uptrend can be seen.

After peaking in March,2021 Chiliz coin has had mediocre returns and is currently trading significantly below its all-time high.The daily technical chart of the CHZ coin price suggests a strong period of consolidation, after which a strong upside momentum can be seen in the coin in the future.Although the coin is trading above the 20 and 50 SMA on the 4 hour chart,the momentum is yet to be validated with a change in price. Resistance for CHZ coin price on the upside can be seen near $0.224. The support region in the asset price can be observed near $0.208. 

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Long term View

The technical indicators paint a neutral image for Chiliz coin. The RSI hovers around the 50% level,thus giving a neutral stance, which could be an indicator to check for any surprises. A bullish crossover was seen in the coin at the start of the month but it wasn’t validated with an increase in prices. However, the MACD line is about to cross the zero line which could suggest a strong bullish signal for CHZ. The histograms had weakened during the last days but are now beginning to pick up the pace again, suggesting the bullish momentum is on the rise once again.

Conclusion 

Chiliz coin is in neutral territory for the past few days. If a strong fight erupts between the buyers and the sellers,it could compel the price to rebound from the neutral trend, and a short-term upside swing may be expected. Furthermore, despite the price bouncing back, Chiliz is facing considerable resistance at $0.224.Until this level is broken through,it won’t signal the start of the bullish rally and the prices will likely move in a sideways manner before a possible breakout.

Support: $0.208

Resistance: $0.224

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.