CHZ - Analysis



10/8/20221 min read

CHZ had a downward trend last week and the price of this currency entered a correction wave after hitting an important resistance area. The corrective wave continued to the bottom of the short-term upward channel of this currency and stopped at $0.21. If the selling pressure can break the bottom of the channel, the first currency support is in the range of $0.18 and considering that the last valid floor in the daily time frame, until this support level is broken, the trend can be between this support range. And the important resistance is $0.27 range. Currently, a full range between the resistance of 0.224 and the support of $0.210 can be considered for this currency in the four-hour time frame.

Due to the extremely low trading volume, all candles in this area have small bodies and large shadows, and in lower time frames, for example, in the one-hour time frame, the range of this trend is well defined between the support range. If any of these levels are broken, the first target can be considered as the width of this channel. To return to the previous highs, buyers must push the price back above the $0.2280 range. In this case, we can again expect the trend of this currency to rise in the 4-hour and 1-hour time frames. But if the support is broken below, the lower support levels considered on the chart can be a target for sellers.