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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 18, 2024 08:08 UTC
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CHZ Price Reversal Eyes Extended Recovery To $0.16
The CHZ buyers allowing a correction to a low of 61.8 FIB reflects weakness in bullish momentum.
A bearish crossover between 20-and-50-day EMA hints the near term trend in bearish
The confluence of several technical levels at $0.10 hints at a high area of interest(AOI) for buyers.
With less than 2 days to Bitcoin halving the cryptocurrency market witnessing a notable surge in volatility. Along with the BTC price consolidation around $62000, a majority of major coin including CHZ price, sideways action this week
The CHZ price currently trades at $0.11435 and seeks support at the confluence of long-coming ascending trendline and 61.8% Fibonacci retracement level. With a historical record of bullish outcome, the upcoming halving sets the Chiliz for a renewed recovery from aforementioned support.
The Chiliz coin entered current correction in mid-march as the leading digital asset Bitcoin topped at above $70,000. The bearish turnaround plunged the CHZ price to $0.10, registering a massive correction of almost 40% within two weeks.
The falling CHZ recently witnessed a renewed demand pressure at a long-coming ascending trendline at $0.10 mark. Further, the CHZ price rebounded thrice from this dynamic support in the past few months. Thus, it indicates a crucial accumulation zone for buyers entering at market dips.
A recent bullish reversal has propelled the CHZ price to currently trade above $0.11, while the market cap drops under $1 Billion.
Technical indicators:
RSI: The daily RSI slope rebounded from oversold region accentuates the market participants continue to accumulate this asset at major correction.
EMA: The failed breakdown from the 200-day EMA slope hints the buyers have not thrown in the towel yet and the broader trend remains bullish.
Read Also : BOME Price Uptick Aims To Trigger A 50% Hike
Will CHZ Price Top $0.030?
The cryptocurrency market is expected to remain sluggish throughout this week in the await of Bitcoin Halving. Thus, the CHZ price may extend its lateral movement above the ascending support trendline to validate its sustainability for high recovery.
The potential reversal could set this altcoin to challenge potential resistance at the $0.125 and $0.1678 mark.
Conversely, a bearish breakdown from lower support trendline, will signal a major shift in CHZ’s market dynamic. The post-breakdown fall may plunge the coin price back to $0.10 support.
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