Chiliz Price Analysis: Will CHZ Bulls Sustain at the Verge of the Consolidation Phase or Get Distributed?

Chiliz price has been trading inside the consolidation phase after recovering from the falling wedge pattern over the daily chart.
CHZ crypto has recovered above 20, 50, 100 and 200-days Daily Moving Average.
The pair of CHZ/BTC is at 0.00001365 BTC with an intraday drop of 3.42.

Since it was able to exit the falling wedge formation, Chiliz’s price has been declining, and now that it has entered the consolidation phase, it is seeking to rally bulls once more. Before being finally snatched back by CHZ bulls, the token was repeatedly attempted, according to the market movement of the CHZ coin. Bulls must engineer the breakthrough if the token is to maintain its position above the collapsing wedge formation. Since then, there has been a substantial upward trend for the CHZ cryptocurrency, which is currently trading above all moving averages. In order to advance the token toward the upward recovery, CHZ coin must maintain the rate of the existing ascent.

Market capitalization for Chiliz has dropped to $0.2616 over the past day, a reduction of 3.77%. The number of transactions dropped by 23.81% during the intraday trading session. This is used as an illustration of how bears are moving the token from the upper range. Volume to market cap ratio is 0.4512.

CHZ coin price has stuck inside the horizontal range-bound area after exiting the falling wedge pattern over the daily price chart. The token has finally gotten up to upper price range of the consolidation phase and is now waiting until bulls Austin and help the CHZ coin to escape the range. Meanwhile, the volume change is below average and must be increased in order for CHZ to recover itself.

Will the token Soar above the Pattern or get Trapped again?

After successfully avoiding the falling wedge formation, the price of the CHZ coin is attempting to hold at the current level on the daily price chart. However, bears on the CHZ currency are working to buck the trend. Technical indicators show that the CHZ coin’s momentum is waning.

The relative strength index for the CHZ coin makes the strength of its downswing very obvious. The RSI is reversing its overbought trend with a value of 62. The increasing velocity of the CHZ coin may be seen on MACD. The Signal line is ahead of the MACD line. Investors in CHZ must keep an eye on the daily chart for any changes in trend.

Conclusion

Since it was able to exit the falling wedge formation, Chiliz’s price has been declining, and now that it has entered the consolidation phase, it is seeking to rally bulls once more. Before being finally snatched back by CHZ bulls, the token was repeatedly attempted, according to the market movement of the CHZ coin. Bulls must engineer the breakthrough if the token is to maintain its position above the collapsing wedge formation. Meanwhile, volume change is below average and must be increased in order for CHZ to recover itself. Technical indicators show that the CHZ coin’s momentum is waning. The Signal line is ahead of the MACD line. Investors in CHZ must keep an eye on the daily chart for any changes in trend.

Technical Levels
Support Levels: $0.22 and $0.20
Resistance Levels: $0.28 and $0.30

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing