CHZ Technical Analysis: 25% Jump Brings Another Breakout Entry

The CHZ price action breaks above the 200-day SMA and reaches the $0.20 mark, increasing the $0.25 breakout possibility to reach $0.30. Key Technical Points: The Chiliz (CHZ) price has increased by almost 25% in the last three days. The 50 and 100-day SMA crossover teases a bull run. With a market cap of $1.238 billion, the intraday trading volume of Chiliz has increased by 68% to reach $688 million. Past Performance of CHZ As we mentioned in our previous analysis, the Chiliz (CHZ) prices broke above the 200-day SMA resulting in a 25% jump in the last three days. The bull run continues the streak of engulfing candles over the previous three days and crosses about the $0.20 mark. Additionally, the bull run accounts for a 107% jump over the last three weeks displaying a phenomenal increase in the underlying bullishness. Source – Tradingview CHZ Technical Analysis A 6% recovery in the daily candle keeps the CHZ prices above $0.20, but the higher price rejection warns of a retest phase. Nonetheless, an uptrend continuation can test the $0.25 supply zone to complete the rounding bottom pattern. The bullish crossover of the 50 and 100-day SMA increases the likelihood of an uptrend continuation as the market prices since about the 200-day SMA. The MACD indicator shows the fast and slow line beginning bullish alignment after the recent spike in buying pressure. Furthermore, the RSI indicator jumps into the overbought zone, reflecting ...