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    CHILLGUY Analysis: $0.3444 Support Holds Amid Positive Funding Rates

    CHILLGUY shows bullish recovery with 1.01% daily growth as funding rates stabilize and critical levels guide its upward path.

    Updated Dec 11, 2024
    Victor Muriki

    Author by

    Victor Muriki

    CHILLGUY Analysis: $0.3444 Support Holds Amid Positive Funding Rates

    CHILLGUY traded at $0.3444 at press time, showing a slight recovery with a 0.79% gain in the ongoing session. 

    Meanwhile, the price opened at $0.3417, reached an intraday high of $0.3449, and fell to a low of $0.3441. A rounding bottom pattern between $0.31 and $0.34 highlights potential accumulation and indicates a bullish reversal. 

    The critical support level is identified at $0.3130 as it aligns with the 127.20% Fibonacci extension, while resistance is positioned at $0.3771, corresponding to the 78.60% Fibonacci retracement. 

    Higher resistance levels include $0.3993 and $0.4304, which match the 61.80% and 38.20% Fibonacci, respectively, with $0.4496 acting as a crucial target at the 23.60% retracement.  

    Source: Tradingview

    Momentum indicators  support the growing bullish outlook, as the Relative Strength Index (RSI) stands at 40.13 and signals a rebound from oversold conditions, though it is still below the neutral 50.00 mark. 

    The Moving Average Convergence Divergence (MACD) is showing a slight bullish crossover where the MACD line is at 0.0006 and the signal line is at -0.0270, while the histogram is gradually moving closer to zero. 

    The Fibonacci retracement analysis further clarifies the potential price path for CHILLGUYUSDT. Bulls need to maintain the price above $0.3130 to sustain momentum, as breaking above $0.3482 could pave the way for testing $0.37 and $0.39. 

    However, a failure to defend $0.3130 may result in a deeper pullback, targeting $0.2674 at the 161.80% Fibonacci extension.  

    CHILLGUY at $0.3444: Funding Rates Favor Bulls

    CHILLGUY’s funding rates reveal fluctuating market sentiment as the asset rebounds from recent lows near $0.3130. On December 6, funding rates dipped below 0%, marking a short-lived bearish phase, but rebounded strongly, peaking above 0.4% on December 7 and sustaining positive territory. 

    The funding rates, led by exchanges such as Binance, Bybit, and BingX, align with the price recovery to $0.3444, as outlined in prior technical analysis.

    Source: Coinglass

    The price’s upward trajectory is supported by consistent positive funding rates across December, highlighting bullish sentiment. These rates remained stable near 0.3% to 0.4% as the price hovered near critical levels like $0.3482, suggesting leverage is favoring long positions, reinforcing bullish momentum in line with previous indicators.   

    CHILLGUY market capitalization stands at $339.63M, rising by 0.97%, with a 24-hour trading volume of $72.58M, reflecting a sharp 33.92% decline. 

    With a volume-to-market cap ratio of 21.36%, trading remains active but cautious, complementing stable funding rate trends of 0.3% to 0.4%. The observed recovery from $0.32 earlier aligns with Fibonacci retracement targets at $0.3482, showcasing technical alignment.  

    The price stability and funding rate positivity highlight resilience, while reduced volume signals consolidation near critical resistance. These metrics further confirm CHILLGUY’s pivotal phase for sustained growth.

    FAQ’s

    What is the current price of CHILLGUY/USDT?

    CHILLGUY/USDT is currently trading at $0.3444, showing a slight recovery with a 0.79% gain in the ongoing session.

    What is the key support level for CHILLGUY/USDT?

    The key support level for CHILLGUY/USDT is $0.3130, which aligns with the 127.20% Fibonacci extension.

    How do funding rates impact CHILLGUY/USDT’s price?

    Positive funding rates, ranging from 0.3% to 0.4%, indicate strong bullish sentiment and support the price recovery of CHILLGUY/USDT.

    Victor Muriki

    Victor Muriki

    Editor

    Victor Muriki is an esteemed writer focused on cryptocurrency and finance, holding a Bachelor's in Actuarial Science. Known for his sharp analysis and insightful content, he has a strong command of English and is skilled at conducting in-depth research and ensuring timely delivery.

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