CHZ Technical Analysis: Chiliz Skyrockets After The Predicted Retest

The CHZ price action showcases a successful bullish post-retest reversal from the 100-day SMA to break above $0.15. But, will buyers sustain the trend? Key technical points: The CHZ prices are up by 17.21% in the past 24 hours. The post-retest reversal rally from the broken channel breaks the $0.15 mark. The 24-hour trading volume of Chiliz is $270 Million, indicating a hike of 97%. Past Performance of CHZ As predicted in our last analysis, the CHZ prices reversed from the overhead resistance of $0.12 with higher price rejection candles to retest the rising channel breakout. The post-retest reversal successfully propelled the prices by 26% to breach the psychological mark of $0.15, leading to a bullish engulfing candle. Furthermore, the bullish candle supports increased trading volume and a potential trend continuation. Source- Tradingview CHZ Technical Analysis Today, the CHZ price is increasing remarkably, and heads to the overhead resistance of $0.16 as buying pressure continues to grow. The bullish influence over the 50 and 100day SMA grows as the market value approaches the 200 Day SMA. Therefore if the market value breaks and sustains about the 200-day SMA, the possibility of a crossover between the 50 and 100-day SMA will increase significantly. The MACD indicator displays an increase in bullish bread between the fast and slow lines with the phenomenal growth in buying pressure. Furthermore, the daily RSI slope reverses...