Published 1 min ago
Chiliz Price Prediction: In the last four months the CHZ price bounced back twice from the $0.1 psychological support indicating the buyers are actively accumulating at this support. Moreover, in the daily time frame chart these two reversals showcase the formation of a bullish reversal pattern called the double bottom. Here’s how this chart pattern may affect the future price of the Chiliz coin.
Key Points:
- Under the influnce of a double bottom pattern, the Chiliz price is more likely to reach the monthly resistance of $0.17
- A bullish diverging in the daily RSI slope increases the possibility for extended recovery
- The intraday trading volume in the CHZ coin is $299.2 Million, indicating a 227% gain
Source- Tradingview
The formation of the double bottom pattern is often observed at the market bottom as it is one of the famous reversal patterns. The W-shaped structure showcasing two reversals from the same level indicates the buying pressure at a lower level is rising.
From the base support of $0.1, the Chiliz price has 38.8% within a month and currently exchanging hands at the $0.138 mark. With sustained buying, the altcoin may rise another 6.5% to challenge the $0.147 local barrier.
The $0.147 level is a strong resistance that could the prices could halt for a certain period before the price makes further progress.
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However, under the influence of a double bottom pattern, the CHZ price is more likely to surpass the $0.147 resistance and rise 16% to hit the $0.17 neckline resistance.
Technical Indicator.
Relative Strength Index: While the price action rebounded twice from the same level of $0.1 support, some degree of levitation in the daily RSI slope concerning the two lows indicates growth in bullish momentum.
EMAs: The 200-day EMA moving near the $0.147 increases the resistance power of this level. While the recently reclaimed may offer pullback support to buyers to resume the bullish rally.
Chiliz Coin Price Intraday Levels
- Spot price: $0.138
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.147 and $0.17
- Support level- $0.123 and $0.112
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/chiliz-price-prediction-bullish-pattern-setup-prepares-a-potential-22-rally-enter-now/