The crypto industry has witnessed significant price volatility, with mid-cap altcoins experiencing an uptrend. Notably, Chiliz (CHZ) has emerged as the top gainer, with an increase of over 18% in valuation.
Price Analysis
Initially, CHZ traded within a narrow range between $0.08317 and $0.08756. A subsequent break above the resistance level was met with resistance at $0.09440.
The coin then consolidated between $0.08756 and $0.09440. Despite attempts by bulls to sustain the price, bears prevailed, leading to a breakdown and a 25% loss within two days.
After a period of sideways trading, bulls regained momentum and pushed the valuation up by over 8%, only to be met with resistance again.
Recently, bulls broke out of the range, sending the price up to $0.10883, but faced rejection. Since then, CHZ has traded within a range of $0.10327 and $0.10883.
Technical Indicators
The Moving Average Convergence Divergence (MACD) histogram indicates a decrease in buying pressure, while the moving averages show a rising trend, suggesting mixed sentiment.
Bullish Scenario
- A break above $0.10883 would regain momentum for CHZ.
- Overcoming $0.115 would set the stage for a test of $0.125.
Bearish Scenario
- A reversal could lead to a test of support at $0.1032.
- Continued bear dominance could push CHZ down to $0.0944.
In conclusion, Chiliz price has experienced significant volatility, and the outcome of the current resistance level test remains uncertain. Technical indicators suggest mixed sentiment, with both bullish and bearish scenarios possible.
Credit & Rights: MigBase.com