Chiliz (CHZUSD) Price Is Preparing to Rebound from the Trendline Before Further Bullish Progression
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CHZUSD Analysis – Buyers Will Take Control After a Short Setback
CHZUSD price is preparing to renounce the trendline before bullish progression. The crypto price tendency has decided to make a trip following its initial breakout from the trend line. The bullish power was overbought at the $0.142300 key zone. This order level has been tried and tested numerous times. The buyers, therefore, need more bullish strength to overcome this order block before more advancement is plausible. The Momentum indicator has recently declined as sellers have already set themselves in motion to pull the crypto price back to the trend line. For a buy signal, traders can still set their eyes on the trendline for a reversal.
CHZUSD Key Zones
Resistance Zones: $0.27400, $0.20200
Support Zones: $0.108600, $0.142300
The buyers changed the crypto market approach following the price trade beyond the $0.108600 key zone. At this stage, the bullish traders began to define their strength in the crypto market. However, before the recent bullish phase, the CHZUSD was on a solid bearish run. The bears have been on a long journey since the new year began. Sellers began to penetrate lower the cryptocurrency price from the $0.27400 key zone.
As the price market keeps playing out, the Moving averages of days 9 and 26 keep trolling until a positive cross is given later on. The sellers, therefore, exhausted their bearish momentum as the price swung beyond the $0.108600 key zone. The end of bearish momentum, therefore, marked the beginning of buying strength, which we now see on the daily chart. The Stochastic RSI (Relative Strength Index) is overbought. This shows us the presence of a bearish interruption before a further breakout can occur.
Market Expectation
On the 4-hour chart, the CHZUSD price is shown to be accumulating strength above the line. The Stochastic RSI on the short-term time frame shows selling pressure pulling out. This implies that there are more avenues for bullish expansion to break above the $0.142300 key zone.
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