- CHZ has a bullish market structure on the daily and weekly timeframes.
The recent uptrend could surge past $0.1 in the coming weeks.
As a seasoned analyst with years of experience in navigating cryptocurrency markets, I find myself optimistic about Chiliz [CHZ]. The bullish structure on the daily and weekly timeframes has piqued my interest, especially considering the recent uptrend that could potentially surge past $0.1 in the coming weeks.
Over the past few days, Chiliz [CHZ] has shown a pattern suggesting it might increase (bullish structure) on the daily chart. Previously, its long-term trend was downwards, but over the last three weeks, this trend seems to be reversing. The price range of $0.6-$0.65 now appears to provide 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
As a researcher, I’ve noticed an interesting development in my analysis. On September 25th, there was a break in the bullish structure on the daily chart. Subsequently, the price dipped down to the $0.6 level before rallying with a 23.7% increase over the next week. Notably, the Daily Relative Strength Index (RSI) has remained above the neutral 50 mark during the past two weeks, suggesting a bullish momentum is in play.
On September 23rd, there was a significant upward shift on the OBV, indicating a surge in trading activity as prices climbed. This upward trend suggests strong buying pressure.
In simpler terms, the range between $0.76 and $0.8 might offer some modest obstacles for Chiliz coin, but ultimately the bulls are anticipated to maintain control. As we move higher, reaching the $1 psychological level and Fibonacci retracement levels beyond it could prove challenging.
Declining spot CVD raises concerns
Over the last week, both the rising Open Interest and the increase in price suggested investors were generally optimistic, or “bullish.” But when the price was rejected at $0.75 on October 9th, this shift became significantly negative, indicating a change to pessimism, or a “bearish” sentiment.
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.
As a crypto investor, I’ve noticed that the price action of CVD has been steadily declining, but surprisingly, the funding rate has stayed positive. This combination of trends suggests a short-term bearish lean in the market based on the data at hand.
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2024-10-10 20:07