CHZ rice action shows a bullish reversal from the 20-day EMA, reclaiming the $0.020 mark and increasing the uptrend possibility to the $0.025 supply zone. Despite the higher price rejection at the $0.022 horizontal level, the buyers reclaim the milestone with a bullish reversal from the 20-day EMA. The bullish reversal increases the possibility of a rounding bottom pattern forming in the daily chart with the neckline at the $0.025 supply zone. Key Points: The CHZ price action reflects a bullish cycle restarting from the 20-day EMA. The bullish reversal beats the sellers at the $0.022 mark. With a market cap of $1.31 billion, the intraday trading volume of Chiliz has increased by 14% to reach $403 million. Source – TradingView CHZ Technical Analysis Chiliz (CHZ) price chart shows a bearish failure to break the dynamic support of the 20-day EMA resulting in a bullish turnaround. The reversal rally accounts for a price jump of more than 10% within the last five days and reclaims the $0.022 horizontal level. The reversal rally shows the decline in intraday trading volume after the bullish engulfing candle formed on August 30. Nonetheless, the bullish trend shows a high possibility of a rounding bottom pattern starting with the neckline at the $0.025 supply zone. If the bull cycle takes above the supply zone at $0.025, an uptrend continuation to the $0.030 mark seems inevitable. Conversely, a sudden increase in selling pressure can...
