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Chiliz coin up 8% in 24 hours: Is $0.1 the next stop for bulls?

2min Read

The mix of signals from the data from the past 24 hours showed that the short-term bias was bearish.

Chiliz
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  • CHZ has a bullish market structure on the daily and weekly timeframes.
  • The recent uptrend could surge past $0.1 in the coming weeks.

Chiliz [CHZ] exhibited a bullish structure on the daily chart. The longer-term trend has been bearish, but that has begun to change over the past three weeks. The $0.6-$0.65 zone has been flipped to support.

A set of Fibonacci retracement levels was plotted based on the downtrend from May to August. AMBCrypto found that the current bullish targets were $0.118 and $0.139.

Influx of buying pressure sends CHZ prices higher

Chiliz 1-day Chart

Source: CHZ/USDT on TradingView

The bullish structure break on the daily occurred on the 25th of September. Since then, it fell back to the $0.6 level before bouncing higher by 23.7% in a week. The daily RSI has stayed above neutral 50 during the past two weeks, showing bullish momentum.

The OBV also saw a sizeable move higher since the 23rd of September. This was an indication of increased trading volume as prices trended higher, a sign of buying pressure.

The $0.76-$0.8 region is expected to pose some minor resistance to Chiliz coin but the bulls are likely to prevail. Further north, the psychological $0.1 level and the Fibonacci retracement levels beyond it could be trickier.

Declining spot CVD raises concerns

Chiliz Coinalyze

Source: Coinalyze

The surging Open Interest and the price spike over the past week was a sign that sentiment had been bullish. However, the rejection at $0.75 on the 9th of October saw the sentiment flip strongly bearish.


Read Chiliz’s [CHZ] Price Prediction 2024-25


During this price rejection, the OI continued to pile higher. At the same time, Bitcoin [BTC] began to drop from $62.3k. This indicated that short sellers were willing to short CHZ, which explained the few hours the OI continued to rise.

The spot CVD was in a steady downtrend, although the funding rate remained positive. Taken together, the mix of signals from the data above outlined a short-term bearish bias.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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