CHZ Technical Analysis: Will Buyers Emerge Victorious Above $0.12?

CHZ price action shows a sideways trend above $0.10 due to high selling pressure at $0.12. Will this consolidation lead to a bullish breakout as the market recovers? Key technical points: The CHZ market value deflated by 15% in the last seven days. Contraction phase in Bollinger bands represents the trapped momentum. The 24-hour trading volume of Chiliz is $89 Million, indicating a rise of 5.69%. Past Performance of CHZ With CHZ sellers taking over the trend control on May 12th, the 37% recovery with a sharp reversal from $0.09 broke above the $0.10 mark. However, the selling pressure above the $0.12 mark resulted in a retracement, eventually becoming a consolidation range above $0.10. Source-Tradingview CHZ Technical Analysis The CHZ price shows a recent bullish failure to rise above the overhead resistance at $0.12, resulting in a retracement to the $0.10 support level. However, the Bollinger bands project a possible start of the expansion phase after maintaining a long-coming sideways trend. The Stochastic RSI shows the K and D lines in an uptrend, struggling to maintain the bullish trend in the neutral territory as the spread decreases. Hence, the possibility of a bearish crossover teasing the consolidation fallout increases. On the other hand, the MACD and signal lines merge slightly below the zero line after a long-coming downtrend crossing under the zero line. Hence, the crossover hints at starting a bullish trend in th...