- Chile’s price is hovering below a series of crucial resistance barriers, aiming to rise higher.
- A decisive close above $ 0.338 signals the start of an uptrend.
- If the CHZ falls below $ 0.291 after the start of the move, the bullish thesis will be invalidated.
Chile’s price is currently trading below a very high resistance level. Investors can look forward to trying to cover this supply area soon. A decisive close higher would trigger an uptrend, but a failure would signal a continuation of the downtrend.
Chile’s price seems to rise
Chile’s price traded in a narrow range below the supply area, which ranges from $ 0.302 to $ 0.338. This step followed an unsuccessful attempt to make a decision on May 26. A potential spike in buying pressure that pushes the CHZ above $ 0.295 will signal the presence of traders. If Chile’s price makes a decisive 6-hour close above $ 0.338, it will turn the supply area into demand. This move will also trigger an uptrend that could lift the CHZ 34% to a swing high of $ 0.455.
A temporary supply barrier of $ 0.402 will serve as a pit stop if buyers are strong enough to break it, or a ceiling if sellers intervene.
Hence, investors should keep a close eye on the prices of $ 0.402 and $ 0.455.
6-hour chart CHZ / USDT
The In / Out of the Money Around Price (IOMAP) IntoTheBlock pattern also supports this rally, detecting virtually no resistance ahead for the Chilean price.
However, the 1,710 addresses that bought nearly CHZ 1.3 billion at an average price of $ 0.265 will soften any short-term selling pressure, potentially increasing their holdings.
CHZ IOMAP card
While a bullish scenario looks likely, it will only be confirmed after a convincing close above $ 0.338. However, failure at this point or failure to do the above will most likely result in a crash.
A $ 0.295 break after a $ 0.338 decline would overturn a bullish premise and trigger a 15% drop to a recent low of $ 0.252.