Chiliz (CHZUSD) Sets to Expand Upward as Price Leaves the $0.10040120 Demand Zone
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CHZUSD Analysis – Market Sets to Expand Upward
CHZUSD sets to expand upward as the price leaves the $0.10040120 demand zone. The daily chart of CHZUSD shows that the market is characterized by breaks of structures to the downside. However, due to the rejection at the $0.10040120 demand zone, the price might keep expanding to the upside.
CHZUSD Significant Zones
Demand Zones: $0.10040120, $0.08090000
Supply Zones: $0.17924410, $0.29690710
Following the bounce off the $0.10040120 support, CHZUSD surged aggressively upward. The aggressive rally continued even after the invalidation of the $0.17924410 resistance. However, the buying momentum decreased as the price failed to continue upward. The failure of the price to continue its upward trend has been due to the selling pressure in the supply zone. Moreover, the price hit the falling trendline, thereby facing more selling pressure as it crashed almost immediately.
A change of character to the downside occurred as the crash continued. CHZUSD broke the previous low at the $0.16346310 level and expanded upward to create a lower high. Following the creation of the lower high, a liquidity void was created as prices crashed further downward. A bearish trend ensued, which led to a downward break in the structure. The bears ceased to storm the market until the oversold state was reached in December 2022. The year 2023 began with an uptrend as the bears exited the market. A second retest was made on the $0.10040120 support last month, which has caused more bulls to storm the market.
Market Expectation
According to the Relative Strength Index (RSI), Chiliz is almost overbought, a retracement to the downside is therefore possible. CHZUSD is expected to resume the uptrend once the price reaches the four-hour bullish order block.
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