NewsletterThis Chart Pattern Could Release Chiliz price From Its Sideways Trend
The Chiliz price prolongs its sideways trend under the influence of the megaphone pattern. However, with the rising selling pressure in the market, the coin price plunged to local support of $0.18. Anyhow, to escape this see-saw price action, coin holders must wait for a breakout from either divergence trendline.
Key Points:
- A bullish reversal from $0.18 will set the CHZ price for a 17% jump
- A daily candle closing below $0.18 will invalidate the bullish these
- The 24-hour trading volume in the Chiliz coin is $916,2 Million, indicating a 10.8% gain.
Source-Tradingview
While the dates for the FIFA world cup were closing, the Chiliz price witnessed significant inflow because of its relation with Fan token through Socio. The Socia app is built on the Chiliz blockchain, and it creates Fan tokens to enhance the relationship between Fans with their supporting teams, club, or any other organization.
As a result, the Chiliz price surged exceptionally last week and reached a high of $0.2753. However, the crypto market as a whole continued to face selling pressure and reverted the coin price from the aforementioned level and plunged 32% in the last three days.
This downfall plummeted the prices to local support of $0.184-$0.18, continuing the sideways trend in the Chiliz coin. Moreover, a megaphone pattern in the daily time frame chart governs this ongoing consolation. This continuation pattern should trigger a directional move once the prices breach either of the shown trendlines.
Having said that, the altcoin currently trades at $0.195 and shows a lower price rejection candle at the $0.184-$0.18 support. A potential reversal could push the price 17% higher to hit the $0.2285 mark.
Technical Indicator
EMAs: the flattish EMAs(20, 50, 100, and 200) accentuate a sideways trend for CHZ price.
Vortex indicator: a bearish spread between the VI+ and VI- slope indicates the sellers are currently controlling the price action.
Chiliz Intraday Price Levels
- Spot price: $0.195
- Trend: Bearish
- Volatility: High
- Resistance level- $0.228 and $0.255
- Support level- $0.184-$0.18 and $0.153
- ‘I Won’t Back Down,’ Michael Saylor Reinforces Strategy’s Bitcoin Mission
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
