fxstreet.com
- Chiliz Price Rose by 10% in the last three days bringing the weekly gains back to 3.5% in the green
- CHZ Could set up a rally toward the $0.17 liquidity barrier
- Invalidation of the Bush thesis would arise from a breach below $0.135
Chiliz price should remain on trader's watchlists as the uptrend seems poised to rally higher. Key levels have been defined to gauge Chiliz's next potential move.
Chili's price shows promise
Chiliz price has been showing strong bullish sentiment, s the Bulls have rallied by 10% in the last three days. The Newfound upswing has totally reversed the early week liquidation as Chiliz price is now up 3.5% is the start of the week.
Chiliz price currently auctions at $0.14. The bulls have recently crossed over the 8-day exponential moving average and the 21-day simple moving average, which suggests Traders on smaller time frames are providing enough support to catalyze a genuine upswing.
The Relative Strength Index (RSI) shows a Divergence between the recent low that occurred on Monday at $0.124 and the previous swing low that occurred in January at $0.122. This is subtle evidence to suggest that a market reversal is on the way, as RSI divergences are commonly known to catalyze uptrend moves.
If the market is generally bullish, then the Chiliz price is likely to rally towards the $0.17t liquidity zone in the short term. such a move would result in a 19% increase from Chiliz's current
CHZ/USDT 1-Day Chart
Traders should make sure to practice healthy risk management before joining the trend. The uptrend thesis would become void if the Bears happened to pierce the recently breached 8-day EMA as $0.135. if successful, a downswing targeting liquidity levels as low as 9 cents could occur, which would result in a 30% decrease from Chiliz's current market value