Market Overview: Chiliz/Tether (CHZUSDT) – 24-Hour Technical Summary

• CHZUSDT traded in a tight range before surging to a 24-hour high near $0.0339
• Price faced resistance at $0.0339 and pulled back, forming bearish divergence
• Volume spiked during the rally but declined during the pullback, signaling potential exhaustion
• RSI entered overbought territory near 70, suggesting near-term profit-taking may occur

Chiliz/Tether (CHZUSDT) opened at $0.03323 on October 19 at 12:00 ET and traded as low as $0.03259 before rallying to a 24-hour high of $0.0339 on October 20 at 06:45 ET. The pair closed at $0.0335 at 12:00 ET on October 20. Total volume reached 12.76 million CHZ, with a notional turnover of approximately $428,000. The 24-hour range was $0.0013, or ~3.9%, with the price finishing near the middle of the range.

On the 15-minute chart, CHZUSDT showed a key support level forming around $0.0332–$0.0333, with several candlesticks closing near these levels. A bearish divergence was observed in the last four hours, as the price made higher highs but the RSI failed to confirm. Resistance appears to be in the $0.0337–$0.0339 range, where the price stalled twice after a strong rally.

The 20-period and 50-period moving averages on the 15-minute chart converged near $0.0334–$0.0335, suggesting a neutral bias. On the daily chart, the 50- and 100-period moving averages are closely aligned, but the 200-period line acts as a key long-term support at ~$0.0331. Bollinger Bands showed a moderate expansion during the rally, with price closing just below the upper band on October 20 at ~$0.0339.

MACD crossed into positive territory during the rally, confirming the bullish move, but the histogram began to shrink after $0.0339, indicating weakening momentum. RSI reached 70, signaling overbought conditions and a possible correction in the near term. Fibonacci retracement levels based on the recent $0.03259–$0.0339 swing suggest key psychological levels at 38.2% (~$0.0334) and 61.8% (~$0.0336) could hold significance.

The backtest hypothesis aims to validate a strategy combining MACD signals with a defined resistance exit rule. Given the observed resistance in the $0.0337–$0.0339 range and overbought RSI conditions, the most appropriate rule for the backtest would be Option 2: Fixed percentage target. Using a 5% target from entry price as an exit criterion would align with observed behavior, where CHZUSDT pulled back after reaching $0.0339 from a lower base. This allows for a rules-based evaluation of how the strategy would perform historically when triggered by a MACD golden cross and exiting at a fixed profit target.