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CHZ Technical Analysis: Price Rallying With High Buying Pressure

source-logo  cryptoknowmics.com 10 August 2021 11:30, UTC

Chiliz (CHZ) is the leading digital currency for sports and entertainment, and powers the world's first blockchain-based fan engagement & rewards platform. Socios.com. In addition to being able to purchase and trade Fan Tokens, fans have the ability to take part in club-centric surveys and polls. Malta-based Fanfare was founded in 2018, giving millions of sports fanatics a tokenized share of influence that acts as a bridge between the active and passive fan. Let us see the technical analysis of CHZ.

Past Performance

On the 31st of July, the trade for CHZ opened at $0.26 and on the 8th of August, it closed at $0.27. During this week, the price of XMR increased by approximately 3.84%. In the last 24 hours, CHZ traded between $0.28-$0.35.

TradingView Chart Snapshot


CHZ Technical Analysis

The RSI is currently at 71.21%. After taking the support at 55.36%, it has rallied to the 70% mark. A high buying pressure and bullish momentum in the market have led to the rise in RSI. However, it still has enough potential to rise until the selling pressure takes over.

MACD and EMA lines are above the range of zero. On the daily chart, a bullish crossover by the signal line over the MACD line can be seen. Therefore, the overall market momentum seems bullish, and we can expect the price to rise for the rest of the day.

OBV is upward sloping. Suggesting the investors' interest in CHZ is quite high.

The current trading price is below the FIB pivot level of $0.36. Currently, the price is rallying as the buying pressure is quite high. We can expect the price to test the resistance level at $0.35.

However, if the price resists from breaking out, it will fall and take support from the level of $0.30, and then $0.28 respectively. Traders can use this position to go short in the market.

Day-Ahead and Tomorrow

The indicators suggest a bullish trend for CHZ. If the buying pressure continues, the CHZ might stay in the overbought zone. There might be fluctuations in the price, possibly an uptrend.

We could expect a bullish trend for tomorrow as well.