Chili’s: Here’s How CHZ Buyers Can Make the Most of This Bullish Transient Stop

Disclaimer: The results of the following analysis are the author’s opinions alone and should not be considered investment advice.

  • Could a bullish 20/50 EMA cross cross support Chiliz’ bullish efforts in the coming days?
  • The altcoin saw a decline in daily active headlines but maintained a relatively high dominance over the market capitalization.

spices [CHZ] Bullish bounce from multi-month trendline support (white, dashed) coordinated a strong bullish drive impulse. The resulting gains paved the way for the bulls to maintain a position above the 20/50/200 moving averages.

Here AMBCryptos Chili’s Price Prediction [CHZ] For the year 2023-2024

With the north facing 20 EMA (red) completing a bullish crossover with the 50 EMA (cyan), buyers can aim to maintain their advantage in the coming weeks. Because of the relatively high correlation with Bitcoin [BTC]Buyers should take into account broader market sentiment to gauge CHZ’s ability to continue growing.

At press time, CHZ is trading at $0.2609, down 2.04% in the past 24 hours.

Can Buyers Find Reliable Recovery Essentials?

Source: TradingView, CHZ / USDT

The bulls found renewed pressure after setting up a morning star candle at five-month trendline support. This recovery from the $0.16 level represents a whopping 63% return from Oct 21 to Nov 6.

The rally from the long-term resistance level at $0.274 was reversed. If the current candle closes in red, CHZ may see an Evening Star candlestick pattern on the daily time frame.

A convincing recovery from the $0.23 to $0.24 range could put the altcoin on the upside in the coming days. An immediate or potential bullish return could see the first major resistance barrier in the $0.27 region. A close above this level could open doors towards the $0.3-$0.31 range.

However, a reversal below the $0.23 support level could limit the upside. Under these circumstances, a 20/50 EMA may offer the possibility of a refund.

The Relative Strength Index (RSI) has seen a reversal from the overbought territory as the altcoin tested the 59 mark support. Any recovery from this support could continue to aid CHZ’s bullish efforts.

In addition, the lower highs of the Chaikin Money Flow (CMF) over the past week confirmed a bearish divergence with price action. This reading depicts the possibility of easing buying pressure.

Decrease in the number of daily active titles

Source: feeling

Santiment data analysis revealed a sharp drop in the number of daily active addresses over the past 24 hours. Experimentally, the price scale was able to show a relatively high sensitivity to this scale.

If price action is followed, CHZ may see a bearish side in the short term before rallying.

Source: messari

However, CHZ’s dominance of market capitalization has seen a sharp rise in recent months as it reached ATH levels in September. This reading means that CHZ has performed well relative to its altcoin peers over the past few months.

The potential targets will remain the same as above. Finally, traders/investors should closely monitor the movement of Bitcoin and its effects on the broader market to take a profitable move.

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