Chiliz (CHZ/USD) Break Consolidation Favoring a Strong Rally
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CHZ/USD Price Analysis: CHZ/USD Breaks Consolidation with Strong Momentum
CHZ/USD broke consolidation, marking the beginning of a clear uptrend after long market indecision from March to January. The strong momentum candle that broke through the $0.0460 level shows buyer strength and signals we may be entering a strong and extended bullish trend. This candle shows that buyers are confident and willing to push price higher. The trend looks healthy, and the market may continue to rise for days or weeks
CHZ/USD Key Levels
Demand Levels: $0.0280, $0.0250
Supply Levels: $0.0460, $0.0380
On the daily chart, bears tried to break the consolidation but were quickly overpowered by strong bulls around the $0.0280 level. The MA Cross is another confluence; the 9 MA crossing above the 21 MA in December adds extra bullish confirmation. Price is in the overbought zone of the Relative Strength Index (RSI), making the possibility of a pullback much more likely to the Order Block (OB) at level $0.05050 or Fair Value Gap (FVG) at level $0.0480 area
The 4hr timeframe shows market structure with small pullbacks of Fibonacci level 0.5% from price level $0.0380 to $0.0580, showing CHZ/USD is experiencing a strong bullish trend. It is also visible on 4hr that the market is close to the overbought zone of the RSI, so we can expect a small pullback soon before price continues higher.
Market Expectation
On the daily timeframe, the Moving Average Cross signals an early uptrend because of the candlestick forming above it. The 4hr timeframe shows the market respecting the FVG at price levels $0.04280, $0.0340, $0.0460, and other FVG levels, signaling trend continuation. Though the trend is bullish, there is the possibility of a small pullback soon before the uptrend continues.
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