The Chiliz (CHZ) recovery rally has gained 45% from the $0.16 bottom support. During the run, the bulls knocked out two significant resistance of $0.198 and $0.24. Today, the altcoin gives a retest opportunity for breakout traders, opening the path to the 40% mark, i.e., $0.35.
Key Points:
- $0.237 retest brings a buying opportunity for a 40% rally.
- The daily-RSI slope rallying with new higher high and higher low
- The 24-hour trading volume in the Chiliz coin is $374 Million, indicating a 10.41% loss
Source-Tradingview
The January sell-off dumped the Chiliz (CHZ) price to $0.16 yearly support. The buyers attempted to rebound from the bottom support twice, but the sellers reverted them in the same number suggested a range-bound rally.
However, the rising bullish sentiment in the crypto market has formed a high low in price action, resulting in ascending triangle formation. On March 25th, the long bullish candle pierced the 100 DMA and overhead neckline of $0.236, suggesting the end of the accumulation phase.
Today, the CHZ price is 3.92% down, giving a retest to the breached resistance. Furthermore, the potential rally from $0.236 could lead to a 40% rally to $0.35.
However, a daily candle closing below the $0.236 mark will invalidate the bullish thesis and could sink the coin price back to $0.16 support.
Technical Indicator
The daily RSI slope has been trending higher during the recent price consolidation, indicating the rising bullish momentum.
Moreover, the MACD indicator lines(MACD and signal) have entered the positive territory. The increasing gap between these lines highlights aggressive buying from traders.
- Resistance levels– $0.28 and $0.35
- Support levels– $0.236 and $0.191
Disclaimer
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.
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Source: https://coingape.com/markets/chz-price-analysis-range-breakout-hints-40-growth-potential/