Chiliz Price Prediction As Buyers Break 7 Months Accumulation to Pursue $0.13 Target

17.01.2024

Chiliz Price Prediction: Amid the launch week of spot Bitcoin ETF, the Chiliz coin price witnessed a surge in buying pressure around the $0.7 psychological mark. Within two weeks, a bullish reversal from this support has surged the CHZ price 55.8% surge to currently trade at $0.1. This bullish upswing led to a decisive breakout from the neckline resistance of inverted head and shoulder patterns, indicating a potential for higher growth.

Chiliz Price Prediction As Massive Short Liquidation Intensify Buying Pressure

A bullish breakout from an inverted head and shoulder pattern indicates an early sign of trend reversal
The rising CHZ price may witness renewed supply pressure at $0.0118, followed by $0.013
The intraday trading volume in the CHZ coin is $312 Million, indicating a 261% gain

Chiliz Price Prediction|

Over the last seven months, the performance of Chiliz (CHZ) has lagged behind the broader crypto market’s recovery in 2023. While several major cryptocurrencies recouped 50% of their losses from the previous downtrend, CHZ’s price has largely fluctuated within a narrow range.

However, a closer examination of the daily timeframe chart reveals that this sideways movement has evolved into a inverted head and shoulders pattern, typically indicative of a market bottom and a strong foundation for potential recovery.

In a significant development, the CHZ price surged by 20% today, marking a decisive breakout above the neckline resistance of this pattern. This rise has been accompanied by a substantial short squeeze, with $944.16 million in liquidations reported by Coinglass, a platform providing insights into the derivatives market.

CHZ Total Liquidations Chart| Coinglass

Should CHZ sustain its momentum above the recently breached trendline, the coin could aim for a target of $0.134, representing a 25% increase.

Technical Indicator

Exponential Moving Average: The daily EMAs started to lean upward indicate the market sentiment is building a positive outlook for this asset.
Average Directional Index: An uptick in the daily ADX slope while wavering at the 17% mark indicates the buyers have sufficient strength to lead a prolonged recovery.