Chiliz Price Analysis: Bears Found Selling Opportunity Near 50-DMA in The Weekly Time Frame

• The Chiliz coin failed to break above the 50-day moving average on the weekly time frame.
• The CHZ has been rising steadily for the past nine weeks, gaining over 130% so far.
• The pair price of the CHZ token related to bitcoin is up 3.7% in the green zone at 0.0000008901 satoshis.

This week, the Chiliz token became the third greatest weekly gainer. Despite the fact that most cryptocurrencies have returned to a negative zone, others are doing the opposite, led by a newcomer to the market, Chiliz (CHZ), which has witnessed huge price rises both today and last week. Instead, the cryptocurrency was trading at $0.191 at the time of writing.

Chiliz has been steadily rising over the previous nine weeks and has recovered more than 130%. On a weekly basis, the CHZ coin was unable to break above the 50-day moving average. Buyers breached an upward parallel pattern (white) during the rebound, with a modest accumulation period above the bullish channel.

On a weekly basis, the 50-DMA served as a selling point for the bears. Furthermore, the 20-DMA is a significant support level. In fact, the QNT stays above all of the significant moving averages on the daily price scale, including the 20, 50, 100, and 200.

According to CMC, the CHZ token’s market cap has climbed by 4.1% in the last 24 hours to $1.14 million. As a consequence, the price of the CHZ token-to-bitcoin pair is up 3.7% to 0.000008901 satoshis.

MACD Displays Strong Upside Trend for CHZ Token 

The RSI indicator declined sharply from the overbought zone on the daily price scale. Moreover, the MACD continues to move above the neutral level, indicating a bullish trend for the Chiliz coin.

Conclusion

Chiliz token is trading near the 50-DMA on the weekly time frame, buyers may see a further upside potential as the MACD indicator continues to rise.

Support levels – $0.15 and $0.10

Resistance level – $0.20 and $0.25

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.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.