Chiliz Tests Crucial Support as Range-Bound Trading Continues
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CHZ/USD Price Analysis: Bulls Regain Control
CHZ/USD pair showcases a resilient bullish trend on the daily chart. The price is currently hovering around $0.0392 after a notable recovery from its August lows near $0.0290. Chiliz has experienced a prolonged downtrend earlier this year. This was marked by lower highs and lower lows, but a shift occurred in late August when buyers stepped in at the $0.0360 support zone.
Chiliz Key Levels
Support Levels: $0.0395, $0.0360, $0.0290
Resistance Levels: $0.0476, $0.0500, $0.0540
The market reversal has propelled the price upward, breaking through the $0.0390 resistance, which now serves as immediate support. The 50-day SMA and 20-day SMA are converging, signaling a potential bullish crossover, reinforcing buyer dominance. The market is poised to test the $0.0476 resistance next, with higher volume on recent green candles indicating strong bullish commitment. A break above could target $0.0500.
The RSI at 47.79 sits in neutral territory, trending upward from oversold levels. This suggests building momentum without immediate overbought risks, encouraging traders to hold long positions. Trading volume has spiked during the recent upswing, confirming genuine buyer interest rather than a false breakout.
The next move hinges on breaking $0.0476—success could spark a rapid climb to $0.0500, while failure might see a retreat to $0.0360. Both RSI indicators guide traders by balancing momentum and caution, while rising volume validates the trend’s strength.
Market Expectation
The 4-hour chart reveals CHZ/USD at $0.0392, with a slight pullback of 0.51% from recent highs. The price action follows a Wyckoff accumulation phase, where sellers exhausted their pressure around $0.0360, allowing bulls to drive a steady uptrend. Higher highs and higher lows are evident, with the price respecting the rising 20-period SMA as dynamic support. Current consolidation near $0.0395 suggests a pause before the next push toward $0.0476.
The RSI at 48.40 remains neutral but is climbing, hinting at growing bullish momentum. Volume on the 4-hour timeframe shows steady increases during upward moves, supporting the idea that bulls are in control. Traders may see this as a chance to enter long positions, targeting a breakout above $0.0476, with $0.0360 acting as a critical stop-loss level.
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