CHZ Technical Analysis: Should You Buy CHZ At $0.20 Retest?

The CHZ price action shows a bearish reversal as the buyers fail to push the trend above $0.22, resulting in a retest of the $0.20 breakout. Key Technical Points: The market price has dropped by 10% in the last 48 hours. The daily candle shows lower price rejection to sustain above the $0.20 mark. With a market cap of $1.213 billion, the intraday trading volume of CHZ has decreased by 3.40% to reach $658 million. Past Performance of CHZ The Chiliz (CHZ) price action shows a phenomenal bullish rally of 118% over three weeks before taking a bearish reversal from the $0.22 mark. The bullish failure to sustain the trend momentum results in a retracement to retest the $0.20 breakout. Additionally, the retracement rally accounts for the 10% price drop over the last 48 hours with a fall in intraday trading volume. Source – Tradingview CHZ Technical Analysis The CHZ price action displays lower price rejection in the daily candle, which is evident by the long tail formation, increasing the possibility of post-retest reversal. As the market price rises above the 200-day EMA, the bullish influence over the 50 and 100-day EMA results in a positive crossover. The daily RSI slope sustains in the overbought zone with the support of the 14 days average line. However, the MACD indicator displays a slight decline in the bullish histograms during the retest phase. Nonetheless, the fast and slow lines maintain a positive alignment increasing the ...