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Chiliz (CHZ) -How will it perform now?

At the time of writing CHZ is being traded at the price of $0.3274. The price has increased by almost 4.44% in the past 24 hours. The daily trading volume has increased by almost 14.33% in the past 24 hours. CHZ is listed on coinmarketcap on 67th spot and has a market dominance of 0.07%.

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Technical Analysis (CHZ):

CHZ being bullish while ago but currently, the price is at an equilibrium range of this leg. If a Fibo is drawn from the past(low) to future(high), it can be observed that price is now mitigating 50% of Fibo.

Moving to weekly to get more idea about higher time frame, it can be seen that once price reached $0.1631, market induced buyers within it. Now this was soon balanced by bears, but the volume of bulls remain greater at this point if compared to bulls. Jumping to the daily time frame, from where most footprints are observed, as on higher time frames, the market doesn’t really have much to show about its past data.

The price when it was correcting to the downside left an order block at $0.4887 which till date remains unmitigated. Afterwards price did created liquidity several times and among them the main liquidity area is around $0.4552 which still is a valid one and the price sooner or later might grab stop losses from this area. Afterwards within this, from 22nd June to 19th of July, price did a Wyckoff accumulation schematic and on 20th of July, price did a Wyckoff spring which took out early buyers from engineered supports.

The price of CHZ has rallied up to much extent. Just when the price reached the mentioned liquidity area, bears entered the market which created double top inducing sellers in the market. Now as being imbalance seen into this, it can be seen that many orders are unmitigated till date which price might mitigate in a later date.

Now talking about the recent price action, the price is either in a re-accumulating or in a distribution phase, which would be confirmed, by the correction of this range breakout. If this breaks upside, the daily order block is likely to get tapped in and possible shorts can be taken till $0.2296 and vice versa, if price breaks down it can reach $0.2296 and possible longs can be taken till $0.1014. Ultimately, the price might mitigate the zone of $0.4887 in a bullish run.

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