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Buyers’ pressure increases in Chiliz market
Chiliz (CHZUSD) Price Analysis – November 01
When the sellers put in more asset the key support level of $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. When there is a further increase in the buyers’ momentum, the resistance level of $0.22 may be broken upside, $0.26 and $0.28 levels may be tested.
CHZ/USD Market
Key Levels:
Resistance levels: $0.22, $0.26, $0.28
Support levels: $0.17, $0.16, $0.13
CHZUSD Long-term Trend: Bullish
Chiliz is under buyers’ control. Three weeks ago, sellers dominated Chiliz market. The price bottomed at the support level of $0.17. The just mentioned level holds and the price experience a bullish reversal at $0.17. Strong bullish candles emerges and price increases accordingly. The former resistance level of $0.13 and $0.17 have turned to support level.
The daily chart has shown that buyers are dominating the market. The price action has formed an inverted head and shoulder chart pattern on the daily chart. At the moment, the price is carrying out retracement. When the sellers put in more asset the key support level of $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. When there is a further increase in the buyers’ momentum, the resistance level of $0.22 may be broken upside, $0.26 and $0.28 levels may be tested. The Relative Strength Index (14) is at 61 level pointing up to indicate buy signal.
CHZUSD Medium-term Trend: Bullish
Chiliz is bullish in the 4-hour chart pattern. The crypto’s performance has been bullish. That means it is under the bulls’ pressure in the 4 hour chart. It has broken up $0.22 resistance level. It is currently targeting the resistance level of $0.26.
The price is trading above the 9 periods EMA and 21 periods EMA as an indication that the buyers are in control. The Relative Strength Index period (14) bend up at 66 level indicating buy signal.
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