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After the CHZ/USD price action touches the resistance level of $0.25000000 on the 23rd of August, buying pressure became strong enough to drive down the price for three days. Today is an exception as the buying pressure increases. Chiliz (at the current price of $0.21536380) is a trending market which is characterised by a regular ascending price pattern. By the look of things, the same pattern of price is about to reoccur. The price action for today is crossing the 9-day moving average. Once it fully crosses the moving average, the direction of the market will change to confirm the expected bullish trend.
Chiliz Price Statistic:
- CHZ/USD price now: $0.21536380
- CHZ/USD market cap: $ 1,291,940,444
- CHZ/USD circulating supply: 6.00Billon
- CHZ/USD total supply: 8,888,888,888
- CHZ/USD coin market ranking: #41
Key Levels
- Resistance: $0.22165003, $0.24288438, $0.25000000
- Support: $0.18661334, $0.16219582, $0.1500000
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Chiliz Price Analysis: The Indicators Point of View
On the 24th of August when the market begins to trend to favour the sellers, the RSI indicator line crosses the signal line from the upper side to the lower side. This announces the change of trend. However, the trend is to be a short-term trend. At the moment, the RSI line is trying to retrace an upper level. It is measuring 58% in the upper zone of the indicator. The Moving Average Convergence and Divergence indicator is a bit slower to record this market behaviour. The bullish histogram is showing signs of weakness but, it has not been confirmed as bearish because it has not crossed over to the negative side. The two lines (Fast and the Slow Line) have contacted each other but are yet to cross each other. The histogram representing today’s market is unseen because it is at point zero. It is in between the two market directions. Because of this, investors should wait until the indicator confirms the trend before placing a long trade
Chiliz Price Analysis: CHZ/USD 4-Hour Chart Outlook
In the 4-hour timeframe, the sellers are taking the third session. The selling momentum is very strong. The RSI line is retracting, in this timeframe, to indicate the reversal of the trend from its intended bullish recovery. Although the negative histograms show signs of weakness, it is advisable to wait for the second indicator to confirm the bullish trend before concluding in favour of an uptrend.
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