CHZ/USD May Be Starting Another Uptrend

The latest Chiliz bullish engulfing candlestick pattern which took its support at $0.23447746 has taken the market to around $0.28483532 price. This bullish move would be the continuation of the one that began on the 22nd of September when the buyers moved the market to the upside by Approximately 18% price appreciation in that day’s trading session. It was after that day that the market began to trend downwards after the market on the 22nd reached the overbought zone. Today, it looks like the market is resuming the move of that 22nd September.

 Chiliz Market Price Statistic:

• CHZ/USD price now: $0.28483532
• CHZ/USD market cap: $1,465,284,802
• CHZ/USD circulating supply: 6 Billion
• CHZ/USD total supply: 8,888,888,888
• CHZ /USD coin market ranking: #39

Key Levels

• Resistance: $0.2600000, $0.2700000, $0.28000000  
•  Support: $0.23447746, $0.2220000 $0.21000000

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Chiliz Market Price Analysis: The Indicators’ Point of View

After the very strong momentum on the 22nd of September, the expectation is that the price retracement will be brief, but it turned into a downtrend that lasted for seven days. Along the line, bulls tried to return to the market, but they were not able to take the market.

When we looked at the market on the 21st and 22nd of September, we will see a very small bullish divergence between the price action and the RSI. This should have given traders a sign that sellers are becoming stronger. This same phenomenon seems to be forming on the chart again. Between yesterday and today, the price action is going up, while the indicating line is going down. This means that buyers are becoming stronger to take control.

CHZ/USD 4-Hour Chart Outlook 

The first four-hour of today’s market shows great prospect for buyers. In this outlook, the bullish market is still in the range of the strong market zone of the RSI indicator. However, the RSI line is now touching the threshold of the overbought region. That line now measures 81%. Even at that, there is still room for the bulls to perform better in the market today. 

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