thecoinrepublic.com
- CHZ/USD bounced from a low of $0.42 to a high of $0.49 in Saturday’s intraday session
- The CHZ/BTC pair is trailing at 0.0000093 with a gain of 1.01% at press time
- The $GOZ fan token is now trading on the Chiliz exchange
CHZ has been sinking towards the downside from the moment it established an ATH of $0.94 on March 12th. The price action on the daily chart of CHZ is restricted inside a bearish continuation pattern known as the descending channel. The token has been struggling to tremble across the top portion of the channel and is currently maintaining steady momentum underneath the receding trend line. Apart from the bearish pattern, the price action also seems to be in the midst of forming an inverse head and shoulder pattern.
If CHZ successfully breaks out from this bullish reversal pattern, triggering the bulls to unite will increase the chances of this token swinging back to its April highs.
On the downside, significant support has been confirmed at $0.40 and no amount of pressure from the bears can break that particular level for the time being. The daily stochastic RSI has also transpired a bullish cross signaling that the bulls are prevalent.
CHZ exhibits a bullish breakout on the 4-hour chart
The price action on the 4-hour chart of CHZ has dictated a bullish breakout from the descending triangle pattern. The breakout was accompanied by a massive green candlestick smashing right through the momentum. Despite the argument between the 20 EMA (yellow) and 200 EMA(blue), CHZ managed to retrace downwards at $0.42 (FIB 0.22) to retest the support trend line.
The current price of CHZ is sitting at $0.45 and is in confluence with the FIB 0.382. A bullish crossover between the two major EMAs would most likely result in a bounce-off from FIB 0.5.
The Crypto Volatility Index of CHZ (CVIX) is currently flashing 62, which means that traders must brace themselves for a significant price fluctuation that needs to be dealt with accordingly.
The technical indicators have displayed a neutral signal as evidenced by the RSI which is levitating inside the equilibrium range.
The MACD on the other hand is just emerging to cross inside the positive territory.
$GOZ fan token went live on Chiliz on May 14th
The world’s first tokenized sports exchange has encouraged the listing of Goztepe $GOZ fan token which took place on May 14th.
SUPPORT : $0.40
RESISTANCE: $0.49, $0.62, $0.94