• Chiliz price frustrates bulls as head-and-shoulders bottom fails to materialize.
  • CHZ shaping a symmetrical triangle pattern on the 1-hour chart.
  • IOMAP data has bulls staring at a wall of extraordinary resistance.

At the time of writing, CHZ is nearing the completion of a symmetrical triangle pattern on the intra-day chart, indicating that the digital token is primed to resume the decline.

Chiliz price needs time to bottom, forcing speculators to practice patience

Today’s Intotheblock In/Out of the Money Around Price data points to noteworthy resistance extending from $0.422 to $0.472 with 90.87% of the addresses out of the money and only 8.98% in the money.

CHZ IOMAP data

CHZ IOMAP data

Within the blink of an eye, CHZ fell 32% in overnight trading, smashing the 61.8% Fibonacci retracement of the February-March advance and putting it on pace to test the 100-day simple moving average (SMA) before a wave of buying moved through the cryptocurrency market.

A symmetrical triangle pattern quietly forms on the 1-hour chart with a measured move target of 26% from the triangle breakdown, equaling a price target of $0.297. Before reaching the target, CHZ will need to tackle the 61.8% retracement, which is just below the triangle’s breakdown at $0.392. Next up is the April 7 low at $0.365, followed by the overnight low at $0.313.

If selling accelerates, CHZ could hit the 100-day SMA at $0.260 and even the 78.6% retracement at $0.233.

CHZ/USD 1-hour chart

CHZ/USD 1-hour chart

The symmetrical triangle could resolve to the upside and gain price traction, putting it on a collision course with solid resistance between $0.441 and $0.451. If bulls successfully maintain the rebound, they can look forward to resistance at the 50-day SMA at $0.485.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon price looks to skyrocket 30% as technicals flash buy signal

A brief technical and on-chain analysis on SafeMoon price. Here, FXStreet's analysts evaluate where SAFEMOON could be heading next.

More Bitcoin news

Uniswap price eyes 20% gains as UNI technicals scream ‘buy'

Uniswap price faced a blockade at $21.51, slowing its recovery. The RSI reveals a bullish divergence in play, hinting at a 20% climb. A breakdown below $18.37 will invalidate the bullish thesis.

More Litecoin news

Litecoin contemplates 17% ascent after reclaiming crucial barrier

Litecoin price experienced the second flash crash, which bottomed on September 21. While the descent was steep, the recovery seems to be coming along well. The recent upswing has pushed past a key resistance level, but LTC needs to hold above it to confirm buyers’ presence.

More Litecoin News

XRP price flips massive support floor into formidable resistance

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple behaves as it trades below key resistance.

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP