This Chart Pattern Could Release Chiliz price From Its Sideways Trend

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
chz token

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.

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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.

Chiliz price ChartSource-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. 

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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.

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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
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.