Chiliz (CHZ) rallied 10.6% in the last 24 hours and saw its daily trading volume rise by 160%.
The increase in the price of the commodity on the 29th of March, when the movement of volume and price is reduced, indicates the possibility of a large increase in the coming week.
On the one-day chart, the structure that CHZ showed since the beginning of the year was very encouraging. After a rally to the long-term delivery zone at $0.055-$0.065, CHZ has returned to the level of $0.035.
This was the 78.6% Fibonacci retracement level based on what happened earlier this year. Re-examination of this important treatment has not provided a quick, permanent solution.
Consumers, over time, are forced to raise prices again.
OBV was rising sharply last month, but there was concern here. Trading volume has been at a 20-day low. Meanwhile, the RSI has not established itself above 50 in the last six weeks, either.
This has changed in the last 24 hours. The RSI reached 60, and increased volume saw a positive lift on the OBV.
If it continues, CHZ could be one of the best performing stocks as it returns to $0.065. It’s a very pessimistic feeling around Bitcoin (BTC) and the dangers of the great economy, it still appears as Chili he can do well.
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Despite the rapid gains in the past 24 hours, CHZ bulls have not been able to recapture the $0.04 local level set in early March. OBV climbed the local highs, and RSI reached oversold territory, although it was rejected.
An uptrend (purple) has been formed, and the upside was in the $0.043-$0.045 range. Therefore, this bullish trend may contradict the altcoin rally if CHZ can rise to the price of $0.04.
Swing traders who already have long positions can look to take profits. Those who missed the move can wait for a pullback to $0.034-$0.036 before looking to go long.
Brief Summary
- The CHZ rally in the past 24 hours fueled the strong growth of the altcoin.
- In the coming days, $0.04 and $0.043-$0.045 may stop any further price rally. If it has been broken down and reassessed, it may be a buying opportunity.
