CHZ Technical Analysis: Can Buyers Uphold Prices Above $0.10?

The CHZ prices attempt for a bullish turnaround from the support trendline of the rising channel to maintain a market value above $0.10. Key Technical Points: The CHZ prices jumped by 2.33% in the last 24 hours. The resign channel pattern struggles to keep the market value of the Chiliz token above $0.10. The 24-hour trading volume of Chiliz is $48.75 million, indicating a drop of 20%. Past Performance of CHZ As mentioned in our previous analysis, the CHZ prices continue to struggle and maintain above the $0.10 mark. However, taking a different technical approach, we will look at the rising channel formed in the daily chart. Currently, the market price rests at the confluence of the support trendline and the 50-day SMA in hopes of a bullish turnaround. Source – Tradingview CHZ Technical Analysis If the declining trend in the trading volume continues, the CHZ prices will crack below the support confluence and reach the $0.08 horizontal level. However, a spike in buying pressure will help bulls take a U-turn and keep prices above $0.10. The market value of the Chiliz token is close to the 50-day SMA that is preparing to launch a bull run. But the bullish reversal within the rising channel will confront bearish opposition from the 100-day SMA at $0.12. The MACD and signal lines join after the bearish attack and regain the bearish alignment teasing a downtrend below the support trendline. However, the RSI indicator remains in a si...