- After navigating the sideways pattern, the CHZ price is currently going in a nice uptrend over the daily price chart.
- The crypto asset is moving above the 20, 50 and 100 days moving average.
- The CHZ/BTC pair is at 0.000006675 BTC which is at a gain of 4.62% in it.
The CHZ price after surfing over the sideways trend is now moving at a good uptrend movement over the daily price chart. This shows the coin has successfully accumulated its bulls, though the bears tried to smash this accumulation but the bulls again gathered like oil particles gathering hovering over the water surface.
Still the trading volume is at an insignificant gain of 0.22% on which bulls need to focus. This increasing price is now bothering the bears and they are waiting for an opportunity to make a reversal. The CHZ price recovered approximately 26% in a week which is a sign of relief for the investors and analysts expects further growth. The investor should not try to enter the market this time as currently the prices are moving high with respect to enter the market.
The current price for one CHZ token is trading at $0.153 which is at a gain of 2.88% in its market capitalization in the last 24 hrs. The token has a trading volume of 142 million with an increase of 0.45% in the 24 hrs trading session and has a market cap of 920 million. The volume market cap ratio is 0.1563.
Will this Recovery Last Longer?
A same uptrend can be observed over the daily and hourly price chart, the CHZ price is recovering since the past two weeks.
The MACD indicators shows the buyers line is moving above the sellers signal line and the gap between the line is equidistant along with the green histograms supporting the same. The relative strength index climbing continuously is approaching the overbought now. The RSI value is above 65. Approaching the overbought means a downtrend is waiting, as the sellers group will start participating and push the price back.
Conclusion
The CHZ price after surfing over the sideways trend is now moving at a good uptrend movement over the daily and hourly price chart. The CHZ price recovered approximately 26% in a week which is a sign of relief for the investors and analysts expects further growth. While talking about the technical indicator it gives us the idea of bullish movement across all time horizons. The investor should not try to enter the market this time as currently the prices are moving high with respect to making an entry into the market.
Technical levels
Resistance levels: $0.164 and $0.185
Support levels: $0.130 and $0.120
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/2022/08/07/chiliz-price-analysis-a-strong-uptrend-movement-in-chz-expected-to-end-soon/