CandleFocus CHZ Crypto Set For A Breakout With Bullish Pattern Taking Shape
2024-10-14
Author: Content Editor
Chiliz's cryptocurrency (CHZ) has experienced a sharp 10% bounce and is approaching the 200-day exponential moving average (EMA) cluster, signaling a potential breakout. Bulls are aiming to crack the $0.0800 mark for an extended surge, with the price showing bullish influence and forming higher swings since September. A rounding bottom formation with a neckline at $0.0800 has created resistance for bulls, but a daily close above this level could confirm the breakout and push CHZ towards $0.100. The CHZ price is nearing the 200-day EMA cluster, indicating a potential upward movement. The RSI and MFI indicators show positive signals and growing investor interest, while the TVL metric has seen a significant surge. The correlation with Bitcoin has decreased, allowing CHZ to gain independently. Despite this, futures market data suggests a bearish outlook, with a negative OI-weighted funding rate signaling demand for short positions. The support zones are at $0.07200 and $0.0700, while resistance barriers are at $0.0800 and $0.08300.
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