CHZ recovery rally soon to hit $0.24, can we expect a bullish breakout? Key technical points: CHZ price displays four consecutive green candles. The ascending trendline carries to the new recovery for CHZ traders. Finally, the 24-hour trading volume of Chiliz is $168.2 Million, marking a 32% gain. Past Performance of CHZ For the past two months, the CHZ price has been resonating between $0.24 and $0.164. Furthermore, the technical chart shows an upcoming support trendline, limiting the excessive loss for coin holders. So far, the ascending trendline has maintained a 33% gain from the $0.163 bottom support. Source-Tradingview CHZ Technical Analysis The stiff resistance zone at $0.24 and a support trendline display the ascending triangle formation. Until the rising trendline is intact, the long traders can maintain a bullish bias, with the expectation for price gradually approaching the overhead resistance. So far, the recovery rally had reclaimed the 20-and-50-day EMA. However, the 200- day EMA would intensify the sellers’ defense at $0.24. RSI Indicator: The steady rise in the RSI slope accentuates an increasing bullish momentum. MACD Indicator: The recent crossover of the MACD and signal lines above equilibrium set a bullish tendency among traders. The increasing spread within these lines suggests aggressive buying. In concise, the CHZ technical analysis projects a bullish reversal opportunity to initiate a new bull run. Upco...
