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- The CHZ token price is trading at the demand zone on a daily time frame.
- The CHZ token price is forming an ascending triangle pattern on a daily time frame.
- The pair of CHZ/BTC is trading at the price level of 0.00p0107 with an increase of 0.49% in the past 24 hours.
The CHZ token price as per the price action is trading near the supply zone after bouncing strongly off the demand zone. The CHZ token price is forming higher high and higher low formation on an hourly time frame. While on a larger time frame the token price is for its lower low and lower high price structure. The recent fall in the price of the CHZ token price has led to it breaking the important demand zone. Recent gains in the price of the CHZ token price could just be a pullback of the bearish trend. Currently, the supply zone has been tested twice, making it weak. Therefore if the bulls overpower the bears, the token price can be seen moving upwards rapidly. The CHZ token price is trading above the 50 and 100 MAs. The recent rise in the price of the CHZ token price has led to token prices breaking above the important MAs. Moving upwards the token price can be seen facing strong rejection from these MAs. At present, the CHZ token price is trading at the upper band of the Bollinger band indicator. The range of Bollinger bands has narrowed indicating massive movement on either side. Volumes have increased as the token price rose from the demand zone.
The CHZ token price is forming an ascending triangle pattern on a daily time frame
Supertrend:
The CHZ token price has turned bullish as it surpassed the supply zone forming a strong bullish candlestick pattern on a daily time frame. Recent bullishness resulted in the CHZ token price rising above the important short-term supply zone. Previously the CHZ token price was facing bearish pressure from the super trend sell line. As the token price rose, the super trend indicator triggered a buy signal. As of now, the CHZ token price is trading above the super trend buy line, and moving upwards the token price can be seen taking support at the super trend line.
Moving Average Convergence Divergence:
Recent fall from supply zone in the price of CHZ tokens seems to be real as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the upside indicating bearish momentum in the upcoming days. If the token price can sustain above the current long-term demand zone, then the MACD indicator can be seen to turn positive. If the CHZ token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.
Relative Strength Index:
The RSI curve is transacting at 38.47 as the time price falls. Before the recent fall, the RSI curve was trading above the halfway make of 50. But as the token price fell off the short-term demand zone, the RSI curve fell below the halfway mark of 50. As of now, the RSI curve has fallen below the 20 EMA indicating a strong bearish sentiment in the upcoming days.
CONCLUSION:
The CHZ token price is trading at the demand zone on a daily time frame. As the price action suggests the token is forming a bullish chart pattern. The technical parameters are indecisive, depicting the CHZ token trend. It remains to see if the token price sustains above the demand zone or fails to do so and falls below it, breaking the demand zone. An investor should remain cautious and wait for a proper signal and then act accordingly.
SUPPORT:
$0.19 and $0.17
RESISTANCE:
$0.25 and $0.31
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.
