Chiliz Price Analysis: Will CHZ Break out of this Range-Bound Area?

• Chiliz price is surging with strong uptrend momentum towards the upper price range of the consolidation phase over the daily price chart.
• CHZ crypto had recovered above 20, 50, 100 and 200-days Daily Moving Average.
• The pair of CHZ/BTC is at 0.00001262 BTC with an intraday gain of 0.70%.

Since it was able to exit the falling wedge formation, Chiliz’s price has been declining, and now that it has entered the consolidation phase, it is seeking to rally bulls once more. The CHZ coin’s price trend suggests that CHZ bulls made several attempts before finally reclaiming the token. Bulls must produce the breakthrough if the token is to maintain its position above the falling wedge formation. The CHZ cryptocurrency has since had a strong bullish rally and is currently trading above all moving averages. In order to advance the token toward the upward recovery, CHZ coin must retain the momentum of the current ascent.

The market capitalization of Chiliz has risen by 4.18% over the past day and is currently worth $0.242. The transaction volume declined by 11.58% during the intraday trading session. This exemplifies the token being moved from the upper level by bears. Volume to market cap ratio is 0.5485.

The CHZ coin price needs to hold at this level in order to break out of the falling wedge pattern. The coin is currently trying to keep moving above the pattern while trading with significant upward momentum and a totally bullish market sentiment.

The CHZ currency needs to find buyers in order to avoid collapsing into the wedge shape. The token needs to break free of the downward trend in order to soar and record its breakout. Bulls are currently in control of the volume shift and are persistently calling for a breakout of the token.

What do Technical Indicators suggest about CHZ?

After successfully avoiding the falling wedge pattern, the CHZ coin price is attempting to hold at the current level on the daily price chart. However, CHZ currency bears are attempting to buck the trend. The momentum of the CHZ coin’s downward trend is shown by technical indicators.

Relative Strength Index showcases the downtrend momentum of CHZ coin. RSi is at 62 and is heading back from overbought territory. MACD exhibits the uptrend momentum of CHZ coin. The MACD line is ahead of the signal line. CHZ investors must wait for any directional change over the daily chart.

Conclusion

Since it was able to exit the falling wedge formation, Chiliz’s price has been declining, and now that it has entered the consolidation phase, it is seeking to rally bulls once more. The CHZ coin’s price trend suggests that CHZ bulls made several attempts before finally reclaiming the token. Bulls must produce the breakthrough if the token is to maintain its position above the falling wedge formation. The token needs to break free of the downward trend in order to soar and record its breakout. Bulls are currently in control of the volume shift and are persistently calling for a breakout of the token. The momentum of the CHZ coin’s downward trend is shown by technical indicators. The MACD line is ahead of the signal line. CHZ investors must wait for any directional change over the daily chart.

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