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- The Chiliz token is forming a round bottom on the weekly time frame.
- The bulls are aiming to reclaim CHZ’s price above the 200-day SMA.
- The market cap of the CHZ token has increased by 8% to $971 million.
Chiliz Token Wars is turning upside down from its 52-week high. April to June was the worst time for investors, between these months they witnessed a bloodbath. As a result, the sellers successfully registered the latest 18-month low at the $0.08135 mark.
However, buyers are taking a deep breath after the slow rise from the recent lows of the CHZ token. The price action suggests a rounding down formation in terms of the weekly price scale. Thus, the price momentum shows buyers’ dominance over the altcoin as it continues to exhibit a bullish weekend for the past 8-weeks.
Amid rounding bottom formation, the Chiliz token is trading at the $0.16 mark at the time of writing. The bulls barely manage asset costs near the key resistance level of $0.165. If buyers close weekly prices closing above this zone then, again bulls may see more bullish weekends ahead.
The market cap is hiked by 8% to $971 Million as per the last 24-hours data of CMC. If bulls manage the recent resistance level then soon they may celebrate $1 Billion worth of CHZ Capitalization. Moreover, the Chiliz token belonging to the Bitcoin pair is 4.7% up at 0.000006562 satoshis.
Would You Wait for Weekly Price Closing?
After a long hustle, buyers finally reached near the 200-day moving average in the course of the daily price scale. The weekly price closing will define the next move of CHZ. Moreover, the Stoch RSI is looking sideways.
Conclusion
The Chilliz token has registered incredible returns in the past 8 weeks. But at the time price reached the 200-day moving average and now it remains to be seen whether bulls push asset price above this resistance or not.
Support level – $0.15 and $0.10
Resistance level – $0.20 and $0.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
