Increasing volume in Chiliz intraday trades pointed to a likely bullish comeback in the coin’s price.
Chiliz’s volume has increased significantly since the beginning of trading, from $395 564,490 up to $694 854,345.
As trading volumes increased, market capitalization rose to $1,222.317.487 from $1.203.242,510.
This suggests that the market is poised for a recovery.
If we trust real-time data, this could be true. The chart shows a cup-and handle pattern, which suggests a current or possible upswing.
The cryptocurrency market as a whole has sought to recover from unfavorable conditions in the financial sector. So, it should not surprise that Chiliz is seeing a recovery.
The ensuing crashes in April–August further reinforced the consensus that the crypto winter would last for some time.
Bulls are testing $0.2505 resistance. The resistance at 38.20 Fibonacci is $0.2615. This means that this price range falls below it.
Chiliz prices above these levels indicate a continuation or expansion of the bullish trend which started at $0.2505, and currently is in place.
Similar positive rebound stories are provided by indicators. The momentum indicator maintains a V-shaped pattern, indicating that the present market trend is rising.
At the level of 5.78, the Awesome oscillator signals a significant bullish reversal. The price oscillator at 5.78 indicates that investors and traders are receiving a strong buy signal.
A major challenge is the $0.2505 barrier
It is essential to break the $0.2505 barrier in order to maintain current upward momentum. The immediate resistance bulls face is at $0.2505. The bulls might have lost some of their impetus and may be overextended at the moment.
According to data, the price failed to stabilize above 50.00 Fib. Failure to cross the 50.00 Fibonacci boundary and the subsequent loss of momentum may lead to the bearish price trend.
An examination of the 4 hour clock will reveal a formation of a dual triangular pattern which may affect the recovery. It rests on the level of 78.60 Fib.
It is vital for bulls not to be swayed by this emerging pattern, as the CHZ coin’s recovery hinges on the larger price fluctuations at the 1-day tick mark.
We may see a net price rise in the next few days if the bulls continue to pace.
Source: TradingView.com| Source: TradingView.com Image featured from Somag News Chart: TradingView.com