CHZ Technical Analysis: Will Breakout Rally Sustain in Shivering Market?

CHZ price chart shows a trendline breakout rally struggling to surpass $0.12 due to excessive profit booking. Will the demand increase to exceed $0.12? Key technical points: The CHZ market value increased by 2.94% in the last 24 hours. The breakout rally surpasses the 20-DMA. The 24-hour trading volume of Chiliz is $121 Million, indicating a hike of 65%. Past Performance of CHZ CHZ prices have been trapped in a bearish downtrend accounting for a 68% downfall and a lower high formation in the daily chart. The depreciating market value and the lower high formation create a descending resistance trendline keeping every bullish attempt in check and avoiding trend reversal. Finally, however, the bullish stronghold at $0.095 halts the free fall and pushes the market value above $0.10, resulting in the trendline breakout. Source- Tradingview CHZ Technical Analysis Despite the bullish recovery from $0.095, CHZ prices struggle to surpass the $0.12 resistance level. Due to the increased selling pressure, the higher price rejection is evident in the long-wick formation. Therefore, buyers must wait for the price action confirmation to avoid getting trapped. The Daily Moving Averages – 20, 100, and 200-days maintain a bearish alignment and showcase a falling trend. However, the trendline breakout rally surpasses the 20 DMA and projects a likelihood of approaching the 50 DMA. The RSI indicator shows a surge in the underlying bullishness as ...