CHZ Technical Analysis: Support Trendline Joins EMA To Halt Downfall

CHZ coin price clings to the confluence of the ascending trendline and the 50-day EMA reflecting a new bullish challenge to the $0.25 resistance zone. Key technical points: The CHZ prices plan to retake the $0.25 mark. In addition, the price action shows consolidation between the 50 and 100-day EMA. Finally, the 24-hour trading volume of Chiliz is $186.05 Million, marking a 20% rise. Past Performance of CHZ CHZ coin price broke above the 200-day EMA but showcased higher price rejection with long-wick formation projecting a supply zone present at the $0.33 level. The stronger bearish side pushed the prices below the 200 and 100-day EMA. The 23% deflation comes within ten days resulting in a dip at the 50-day EMA. Source-Tradingview CHZ Technical Analysis CHZ coin price finds support at the ascending trendline resulting in a short uptrend to challenge the $0.25 resistance zone. Moreover, the increased trading volume projects a boom in buying pressure and increases the chances of a breakout rally. The crucial daily EMAs (50, 100, and 200 days) sustain a bearish alignment with the 50-day EMA maintaining a constant inflow of demand to keep the price floating. However, buyers need to overcome the crucial resistance of the 100 and 200-day EMA for a sustained uptrend. RSI Indicator: The RSI slope shows a double bottom creation below the halfway line after a remarkable fall from the overbought boundary reflecting a surge in selling pre...