CHZ Technical Analysis: Power Struggle At SMA Delays Bull Run

The CHZ price action shows a bullish reversal reaching the overhead resistance at the $0.165 mark challenging the 200-day SMA. Key Technical Points: The Chiliz (CHZ) price has increased by almost 64% in the last three weeks. The bullish crossover of the 50 and 100-day SMA is teasing a bull run. With a market cap of $962 million, the intraday trading volume of Chiliz has increased by 66% over the last 24 hours to reach $263 million. Past Performance of CHZ The Chiliz (CHZ) prices take a bullish reversal from $0.10 and the 50-day SMA resulting in a price jump to the 200-day SMA at $0.16. The bullish reversal comes after a long-term consolidation with overhead resistance at the $0.129 mark. Moreover, the recent spike in the intraday trading volume supports the bull run accounting for a price jump of 33% in the last two weeks. Source – Tradingview CHZ Technical Analysis A 1.77% intraday drop in CHZ price as it hit the $0.165 resistance indicates the buyers are still struggling to surpass this level. If the selling pressure persists, the altcoin may witness a minor correction before resuming the prevailing recovery. The 200-day SMA slope wavering around the $0.165 resistance puts an additional barrier against the potential bull run. However, a bullish crossover among the 50-and-100-day SMA bolstered the overhead resistance breakout. The MACD indicator shows the fast and slow lines rising higher in the bullish territory, indicating ...