HBAR, ANKR And CHZ Pursue Breakout From Descending Channels

Share Article
In Brief
  • HBAR, ANKR and CHZ are trading inside descending parallel channels.

  • HBAR has created a double bottom pattern.

  • Technical indicators are the most bullish for HBAR, followed by CHZ and ANKR

  • promo

    Join the BIGGEST ICO ever launched in Spain: Buy B2M now.

The Trust Project is an international consortium of news organizations building standards of transparency.

Hedera Hashgraph (HBAR), Ankr (ANKR) and Chiliz (CHZ) are all trading inside long-term descending parallel channels.

Sponsored



Sponsored

HBAR and ANKR have already moved above the middle of their respective channels, while CHZ has yet to follow suit.

HBAR

HBAR has been trading inside a long-term descending parallel channel since March 15. Such channels usually contain corrective movements. It has validated both the support and resistance lines numerous times.

Sponsored



Sponsored

Most recently, it touched the support line on June 22 and began an upward movement.

The June 22 low also validated the $0.156 horizontal area as support. The token returned to this area once more on July 20 and began an upward movement afterwards.

On July 27, it finally moved above the middle of the channel, managing to reach a close of $0.197.

Technical indicators in the daily time-frame are also bullish. The upward movement was preceded by bullish divergence in both the RSI & MACD. In addition to this, the Stochastic oscillator has made a bullish cross (green icon) and the RSI has moved above 50.

This indicates that an upward movement towards the resistance line of the channel is the most likely scenario.

Chart By TradingView

Highlights

  • HBAR is trading inside a descending parallel channel.
  • There is support at $0.165.

ANKR

ANKR has also been trading inside a descending parallel channel since March 19. It touched the support line of the channel five times, most recently on June 22. It has been moving upwards since.

On July 27, it managed to move and close above the middle of the channel.

Unlike in HBAR, there are no bullish divergences in place. However, technical indicators are still relatively bullish. The MACD and RSI are increasing, the latter having just crossed above 50. However, the Stochastic oscillator has yet to make a bullish cross.

The resistance line of the channel is at $0.11.

Chart By TradingView

Highlights

  • ANKR is trading inside a descending parallel channel.
  • Technical indicators are relatively bullish.

CHZ

CHZ has been decreasing inside a descending parallel channel since reaching a high on March 12. It bounced at the support line of the channel several times, most recently on May 23, when it reached a low of $0.164.

The ensuing bounce validated the $0.20 horizontal area as support. CHZ returned to this level several times throughout June and July. Similarly to HBAR, these lows were combined with bullish divergences in both the RSI & MACD. In addition to this, the RSI has just moved above 50 and the Stochastic oscillator has made a bullish cross.

CHZ reclaimed the middle of the channel on July 28 but has not begun an upward movement yet.

The resistance line of the channel is at $0.45.

Chart By TradingView

Highlights

  • CHZ is trading inside a descending parallel channel.
  • There is support at $0.20.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

Market signals, studies and analysis! Join our Telegram Today!

Go