<em><strong>CHZ rice action shows a bullish reversal from the 20-day EMA, reclaiming the $0.020 mark and increasing the uptrend possibility to the $0.025 supply zone. </strong></em>

Despite the higher price rejection at the $0.022 horizontal level, the buyers reclaim the milestone with a bullish reversal from the 20-day EMA. The bullish reversal increases the possibility of a rounding bottom pattern forming in the daily chart with the neckline at the $0.025 supply zone.
<h3>Key Points:</h3>
<ul>
 	<li>The CHZ price action reflects a bullish cycle restarting from the 20-day EMA.</li>
 	<li>The bullish reversal beats the sellers at the $0.022 mark.</li>
 	<li>With a market cap of $1.31 billion, the intraday trading volume of Chiliz has increased by 14% to reach $403 million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/z/zqE2giQB.png" alt="CHZ/USD Price Chart" width="1814" height="878" />

Source - <a href="https://www.tradingview.com/x/zqE2giQB/" target="_blank" rel="nofollow noopener">TradingView</a>
<h2>CHZ Technical Analysis</h2>
Chiliz (CHZ) price chart shows a bearish failure to break the dynamic support of the 20-day EMA resulting in a bullish turnaround. The reversal rally accounts for a price jump of more than 10% within the last five days and reclaims the $0.022 horizontal level.

The reversal rally shows the decline in intraday <a href="https://www.cryptoknowmics.com/news/why-trading-volume-matters-in-crypto-investment/" target="_blank" rel="noopener">trading volume</a> after the bullish engulfing candle formed on August 30. Nonetheless, the bullish trend shows a high possibility of a rounding bottom pattern starting with the neckline at the $0.025 supply zone.

If the bull cycle takes above the supply zone at $0.025, an uptrend continuation to the $0.030 mark seems inevitable.

Conversely, a sudden increase in selling pressure can result in an early bearish reversal and drop the prices to the $0.18 demand level.
<h2>Technical Indicators</h2>
The RSI slope maintains a declining trend below the 14-day SMA despite the recent bullish recovery projecting weakness in the underlying bullishness. Furthermore, the fast and slow lines maintain a declining trend in the MACD indicator projecting a weak buying pressure.

Hence the technical indicator doubts the possibility of a rounding bottom pattern forming in the daily chart. Thus, a case of an early bullish reversal in the CHZ prices remains significant.

Resistance Levels: $0.025 and $0.030

Support Levels: $0.020 and $0.018

CHZ Technical Analysis: Will Buyers Reclaim Authority Over $0.025 Zone?

CHZ technical analysis shows a bullish reversal, reclaiming the $0.020 mark and increasing the uptrend possibility to the $0.025 supply zone. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

CHZ Technical Analysis: Will Buyers Reclaim Authority Over $0.025 Zone?

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