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This Price Pattern Will Shape The Next Rally In CHZ Token

TradingView Chart


The CHZ token maintains a bullish trend in its technical chart. The coin price is currently stuck in a correction phase, and the price is still wavering above the $0.43 support. Furthermore, the coin presents descending triangle pattern, whose breakout should give a directional move in the chart.;

Key technical points:

  • The CHZ shows a cup and handle pattern in the daily time France chart
  • The CHZ price resonates in a descending triangle pattern of the 4-hour time frame pattern
  • The intraday trading volume in the CHZ token is $278.5 Million, indicating a 3.2.5% hike.

Source- CHZ/USD chart by Tradingview

On October 30th, the CHZ token indicated an excellent opportunity for the crypto traders when the price breached a crucial resistance of $0.44-$0.42. This new rally was rejected from the $0.6 mark, and the price entered into a minor retracement phase.

The coin price plunged to the $0.43 mark to check for sufficient support from this level. Moreover, the technical chart also reveals a cup and handle pattern, with the neckline at the $0.6 mark. 

The crucial EMA’s(20, 50, 100, and 200) states an uptrend for this token, as its price trades above all these EMA lines. The Relative Strength Index(47) presents a bearish sentiment within the price.

CHZ/USD 4-hour Time Frame Chart

TradingView Chart,

Source- CHZ/USD chart by Tradingview

The CHZ token shows a descending triangle pattern in the 4-hour time frame chart. The neckline for this pattern is at $0.42, holding this great short opportunity for crypto traders. However, even though this is a bearish pattern, the daily chart suggested this pattern is a part of a retracement phase.

Therefore, these traders should wait for the price to breach the neckline or overhead resistance trendline to confirm which way the rally wants to continue.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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