Recently, the CHZ price broke an important support zone near the $1.00 price point. The breaking of this support zone holds significance as the buyers have supported the price near this zone for the past few months by constantly defending it.
After taking a grave fall near April 2022 the price of CHZ fell below the 200 EMA level. Despite multiple efforts, the bulls were not successful in propelling the price above its critical support level. In July 2022, the price was able to briefly move above the 200-day EMA. Followed by a bull trend, CHZ’s price recovered more than twice its value within the next 2 months
The price of CHZ is trading at $0.0674, and a significant upsurge in sellers is observed in the market.
The majority of cryptocurrencies saw a sharp decline in value. The value of CHZ has taken a sudden plunge with a red engulfing candle within the last few weeks.
Some of the major cryptocurrencies are attempting to make a rebound from their long-term support level. As the CHZ token follows these cryptocurrencies closely, it may encourage potential buyers to invest.
Investors Regaining Confidence In Price
According to the LunarCrush Investors sentiment forecast, there is a major decline in the bullish sentiments of the investors. Nearly all parameters highlighted are bearish within the platform. The total bullish sentiment metric has surged by 52.3%.
Technical Analysis ( 1 Day Timeframe )
The Bulls are making an effort to make a positive rebound from the current value. Most of the technical metrics suggest that their efforts may not go in vain if they succeed in propelling the price from current price levels. Currently, the price is trading near its support level around $0.0600.
Presently, the RSI line has breached its 30 RSI level. The current RSI value of the token is 22.63 points and it recently gave a positive intervention to 14 SMA which is trending just above the RSI line, at around 20.22 below the overbought level.
The stochastic RSI has taken a positive reversal from 0.00 points. The %K and %D lines are breaching the 20 RSI points, and the current value of the stochastic RSI is 33.01 points.
Conclusion
According to the analysis, as some of the major cryptocurrencies are attempting to make a rebound from an important support level it may encourage potential buyers to take an interest in the token.
Technical Levels:
Support -$0.600
Resistance – $0.1000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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
Source: https://www.thecoinrepublic.com/2023/06/18/chz-price-prediction-will-chz-price-bounce-back-into-demand/