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Chiliz has seen large fluctuations in recent days, but long-term traders will look for an increase above $0.6 to mark the start of another leg upward. Ontology developed a bullish trend and was expected to return to $1.66. Following the bullish success in recent weeks, VeChain established a range.
Following a good March result, VET was consolidating in a range of boundaries at $0.08 and $0.093. The variations beyond the set are shown in orange.
The RSI was above neutral 50, but the bullish impetus had waned in recent days as the market reached the range’s midpoint. Closing a trading session below $0.087, the range’s midpoint, and retesting it as support can be used to reach a scalp short sale with a take-profit goal of $0.08-$0.076. If the range holds, a long position can be reached at that stage.
Chiliz had a spectacular March, rising from $0.032 to $0.94, a 2820 percent increase. The 23.6 percent retracement for this move is at $0.42, and CHZ was consolidating above a level of support at $0.47.
The Bollinger Bands width tracker was very low on the charts, suggesting slightly lower volatility for CHZ on the 4-hour chart relative to its recent price activity. The lower timeframes told a totally different tale, as CHZ has made movements of 50% and 30% in the last two weeks respectively.
The $0.42-$0.46 price range can be used to collect CHZ, or a longer-term seller can wait for a deeper retracement. Recently, the $0.55-$0.6 range has been a supply pocket, and a split above this amount may be a purchasing opportunity.
ONT formed a clean right-angled ascending broadening pattern, breaking out past the $1.44 mark and retesting it. Following the breakout past $1.44, this trend has a predicted target of $1.65, and it can be seen that there is a degree of resistance at $1.66, rendering it a take-profit level.
The throwback to $1.44 had already occurred at the time of publication, so this was an ideal time to enter the market. In growth, the Directional Movement Index showed a strong upward trend.