This 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