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- Chiliz price doubled near its 2022 lows and the bounce shows strong buying power.
- Last week, Chiliz price action formed a bullish spinning top and the results are visible, with CHZ recovering around 20% earlier this week.
- Trading volume manages to hold above average buying, influencing traders to hold the asset until it hits the most recent bullish barrier.
Chiliz token is struggling in a broad horizontal range between $0.0850 and $0.130 support and resistance. Meanwhile, both the support area and the resistance area have been retested several times and bears are exhausted near the support level. Therefore, buyers again drove CHZ price above the crucial conceptual level of $10.
Chiliz price doubled near the 2022 lows (noted below) and this bounce back demonstrates strong buying power. Also last week, Chiliz price action formed a bullish spinning top and the results are visible, with CHZ recovering around 20% earlier this week.
Meanwhile, Chiliz speculators moved towards the $0.1250-$0.1350 resistance zone while the altcoin was trading at the $0.1174 mark at the time of writing.
As the market leader-Bitcoin found stability in the $20K region, the overall crypto market appears to be stable. Meanwhile, the market cap of the CHZ token reached above $700 million, up 16% over the past 24 hours.
Similar to the USDT pair, the Chiliz token looks bullish on 0.0000565 satoshis by 18.5% in relation to the bitcoin pair. However, the trading volume is also in favor of the bulls. As trading volume manages above-average buying, traders tend to hold the asset until it hits the most recent bullish barrier.
Buyers get back vital round level
On the daily price chart, the bulls are managing the altcoin above the 20 EMA and mining it to break the 50 EMA as soon as possible.
Similarly the Daily RSI saw a stabilization above the semi-line after 80 days, so this indicator could be the reason behind the bullish bounce. Moreover, the Stoch RSI seems flat in an overbought zone, so the bulls may see a slight correction near the resistance area.
Conclusion
However, the Chiliz coin outlook is extremely bullish, due to its excellent performance over the past few days. But Chiliz speculators move towards the $0.1250 to $0.1350 resistance area and the Stoch RSI seems flat in an overbought zone, so there could be a slight correction for the bulls near the resistance zone.
Support level – $0.10 and $0.080
Resistance level – $0.15 and $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
