Chiliz Price Near 6 Months High; Will It Breakout or Reverse Down?

• 1 Chiliz price prediction says a massive breakout might be visible soon.
• 2 CHZ price sustaining above both the EMAs showcase uptrend.
• 3 The chart pattern of this crypto is mildly bullish.

Chiliz price prediction is bullish for the short term and suggests a massive surge in CHZ may be visible. It continues to rise upward by forming higher high swings inside the upward-sloping channel.

The buyers are succeeding every time to defend the 50-day EMA support and give a bounce. It shows the presence of buyers at the lower levels. The short-term trend and positional trend are in the upward direction, which increases the possibility of hitting new highs.

CHZ price rose 18% in December and continues the recovery. So, investors expect that January 2024 might be good for the bulls and it may reward investors in the short run.

The price behavior of CHZ crypto is stable and volatility is low. Slow and steady, the token is rising and trying to climb above the last 6 months’ high. If the buyers succeed in breaking out of the $0.10321 level, then the price may regain positive momentum and more upside will open.

Currently, the Chiliz crypto price is trading at $0.08763 with an increase of 0.06%. In the last 24 hours, the trading volume increased by 20%, and the volume to market cap was recorded at 0.1012.

Chiliz Price Inside the Upward Sloping Channel; What’s Next?

Source: CHZ/USDT daily chart by Tradingview

Chiliz price is on the buyer’s radar and they are trying their best to keep the price inside the upward-sloping channel. Until the lower of the channel gets broken, the long-term investors are safe. The buyers are more active as compared to sellers so more scope for upside is open.

CHZ crypto will gain momentum and resume the next phase of the rally when buyers are able to break out of the $0.10321 level. The technical analysis suggests this crypto is in the bulls’ grip. So, the possibility of the breakout remains high.

CHZ Price Need Whales Participation

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CHZ price needs the participation of big players and crypto whales to show promising moves. The breakout may be visible but it should be supported by high volume. Else, the reliability of the breakout will be doubtful.

The MACD curve slopes sideways indicating that the price may spend time in a range before resuming the rally. The RSI is also at 50 denotes the sentiment is neutral.

Conclusion

Chiliz price prediction favors the bulls and suggests the rise in the short term. The chart pattern is bullish which increases the possibility of breakout. So, aggressive investors can take the risk and play bullish bets to generate nominal returns.

Technical levels

• Resistance levels: $0.10321 and $0.11000
• Support levels: $0.08098 and $0.06756

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

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