Chiliz Buyers Trigger More Buys As Price Leaves Discount Zone
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CHZUSD Analysis – Chiliz Resumes Bullish Trend
Chiliz buyers trigger more buys as the price leaves the discount zone. The current direction of the price is bullish, as it aligns with the overall market trend. The resumption of the bullish trend follows the bounce off the major trendline, acting as a diagonal support for CHZUSD. The ongoing bullish trend is likely to continue beyond the $0.1680 resistance.
CHZUSD Market Zones
Resistance Zones: $0.1430, $0.1680
Support Zones: $0.0840, $0.0540
For about four months, the price of Chiliz ranged between the support at $0.0540 and the previous resistance at $0840. The major bullish trend began after the retraction of the price towards the $0.0540 support. The subsequent influx of buying pressure from the $0.0540 support caused a notable rise in the value of Chiliz. With the price forming higher highs and high lows, CHZUSD became completely dominated by the bulls until price peaked at $0.1680.
Until April 2024, the MACD (Moving Average Convergence Divergence) did not make a successful cross below the zero line. This indicates the presence of bears in the market. The current trading range of the market lies between the $0.0700 swing low and the $0.1680 swing high. The ongoing bullish trend seems to be respecting the major trendline, as the price recently bounced off it. After the sell-side liquidity grab at the $0.1130 low, the bulls returned to the market, leading to the resumption of the bullish trend.
Market Expectation
Following a tap into the liquidity void, CHZUSD returns downward. The price appears to be heading into the bullish order block in the discount zone. The uptrend is expected to continue afterward until the $0.1630 swing high is invalidated.
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