Chiliz Price Analysis for 31th of August: CHZ/USD Is Still in an Uptrend

Updated: 31 August 2022

Disclosure

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As Chiliz is trending up, it continues to repeat the same pattern of behaviour. CHZ/USD keeps having higher lows. This is a sign that buyers are very aggressive in the market. The buying pressure is so strong that it frequently drives the price action into the overbought region. And because the market keeps going into the overbought zone, the price action keeps correcting itself to a lower price level. In summary, the overall performance of the market is an uptrend. However, we must take note of how strong the last price rebound from 24th to 30th of August has sent the price performance below the 9-day moving. Although the last bearish pressure was much stronger, today’s bullish market performance is also strong. And this gives us the impression that the bullish recess is over; the market is about to resume its uptrend.

Chiliz Market Price Statistic:

CHZ/USD price now: $0.21222
CHZ/USD market cap: $ 1,273,388,078
CHZ/USD circulating supply: 6.00Billion
CHZ/USD total supply:8,888,888,888
CHZ/USD coin market ranking: #41

Key Levels

Resistance: $0.22008848, $0.22400600, $0.24185616
Support: $0.18700159, $0.18264805, $0,16131575

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Chiliz Market Price Analysis: The Indicators Point of View

The Relative Strength Index shows that the price is on recovery as we can see the RSI line trying to retrace an upper position. Currently, the Indicator is measuring a market strength of 55.75%. At 55.75% it can be considered to be a bullish market. But, as for the 9-day moving average, we cannot say the trend has fully changed to an uptrend, because today’s market activities are still below the moving average.

Chiliz Market Price Analysis: CHZ/USD 4-Hour Chart Outlook

During the third session, there is at first, a bearish move, but not as strong as the bullish move. This gives us confirmation that the trend will continue. The third session was initially opened with a bullish momentum, but the sellers became strong enough to drive down the price from its opening price. However, bulls recovered quickly to regain their ground in the market. If the trend keeps going this way, the price may touch the $0.21986600 resistance level.

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