and the distribution of digital products.
Breakout Trade for 40% gains: Chiliz Crypto Analysis
Chiliz (CHZ) has continued to make strides in the sports and entertainment blockchain sectors.
Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.
Here’s a comprehensive analysis covering its price trends, technical indicators, and market news.
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CHZ Crypto Price Analysis- Current Price: $0.0655
- Market Cap: $599 million
- 24-Hour Trading Volume: $75 million
- 24-Hour Low/High: $0.0654 – $0.0683
- Circulating Supply: 9.12 billion CHZ
- All-Time High: $0.8915 (March 2021)
Img src- Altfins
Price had a breakout from Falling Wedge pattern, which signaled a bullish trend reversal. It reached our target of $0.085 for +35% gain. It also made a Higher High and Higher Low, which is also a sign of an Uptrend.
Now we look for the right entry opportunity in Uptrend. We wait for price to either
1) break above $0.085 to signal continuation of uptrend, with +20% upside potential to $0.10 next, or
2) pull back near $0.055 support area for a swing trade entry, with +40% potential gain back to $0.085 again.
Buy Now Weekly Price AnalysisThe past week has seen Chiliz trading within a narrow band, oscillating between $0.065 and $0.068.
Trend: Short-term trend is Down, Medium-term trend is Up, Long-term trend is Neutral.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $0.055, then $0.043. Nearest Resistance Zone is $0.07, then $0.085.
Technical Indicators- Moving Averages: The 50-day Moving Average indicates a bullish trend with CHZ trading above it.
- Relative Strength Index (RSI): The RSI for CHZ is at 59.41.
- Support Levels: $0.0607, $0.0628
- Resistance Levels: $0.0679, $0.0715
The Fear & Greed Index for CHZ currently sits at 49, indicating balanced sentiment.
News Roundup- Chiliz recently experienced a minor technical issue on its dedicated fan token trading platform, ChilizX. This led to temporary withdrawals, impacting investor sentiment slightly.
- Chiliz’ Socios.com Secures Regulatory Approval in Malta
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