Chiliz saw a huge loss over the past weeks after it faced rejection at the $0.275 level. It appeared to have reached a bearish exhaustion point, likely to regain momentum above $0.14. Failure to do so might result in more bleeding.
Since the market bounced back above $0.25 in August, Chiliz’s price has been moving sideways, expanding on highs and lows as it formed a broadening wedge pattern on the daily chart.
It recorded a swing high of $0.297 and a swing low of $0.145 in the past three months of trading. The price is trading around the wedge’s support at the moment. We should expect a decent rebound shortly from here, with a potential 100% gain.
A price break from this wedge will launch the market into a big expansion, which could result in a huge gain or loss. This technically means that the future direction of the market is still indecisive considering this pattern.
But if we look at the daily volume indicator since the market started to recover in the mid-year, we can see that the buying volume is increasing by the day. This suggests a potential increase as the bulls regroup to step back. If they fail, the bears will continue to take charge.
Chiliz Price Analysis (CHZUSDT): Daily Chart
Chiliz has provided another big buying opportunity with a 50% discount in three weeks. If they act upon it, the $0.1773 resistance would be their first target level. The next one is located at $0.206, followed by $0.23 and $0.26 before pushing to the wedge’s resistance.
It is trading at $0.15 around the wedge’s support at the moment. If the price fails to bounce above $0.14, a wedge breakdown could slip the price to the $0.12 and $0.1 supports concurrently. The mid-year recovery level of $0.08 would be the next stop if the selling continues. A huge crash should be expected if this recovery level fails to hold. CHZ is currently bearish, down by 7.2% in a week.
Key Resistance Levels: $0.1773, $0.206, $0.23
Key Support Levels: $0.12, $0.1, $0.08
- Spot Price: $0.15
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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