Chiliz (CHZUSD) Continues Its Breakthrough Above the 0.142800 Key Zone
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CHZUSD Analysis – The Bull’s Eye Has a New Target Above the Trend Line
CHZUSD continues its breakthrough above the 0.142800 key zones. The bulls are gathering strength to re-enter the $0.20400 key zone. The new week has emerged with a strong up shoot by the buyers, and buying liquidity has been increasing progressively. As buy traders continue to focus their attention on the crypto price, more expectations are placed on them. The buyers are currently approaching the trend line after surpassing the $0.142800 key level.
CHZUSD Key Zones
Resistance Zones: $0.27770, $0.204000
Support Zones: $0.142800, $0.108400
The CHZUSD bulls had launched a counterattack at the start of the new year. However, before then, sellers were constantly pushing the market lower. After selling pressure hit the $0.27700 key zone, the buyers were able to intercept price activity below the $0.108400 key zone. However, as buying liquidity increases with more buyers coming into the market, there will be a breakout above the trendline. The price will therefore push further as we anticipate a further breakout in the market.
The Moving Average Convergence and Divergence (MACD) is still planning to trend far beyond the middle zone as buyers keep gaining momentum. The RSI (Relative Strength Index) is going to hit back at the 80 levels for the second time after its recent pullback. As a result, the bulls can still push further and break key zones.
Market Expectation
The buyers have kept opening more buy orders as we speak on the 4-hour chart. As a result, buyers are more likely to break through the trend line and push higher to the key level of $0.204000. The Parabolic SAR (Stop and Reverse) indicator shows the bull’s readiness to continue its moving trend in the market. Traders looking for a buying setup can watch for the CHZUSD break above the trend line.
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