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Chiliz Price Forecast: CHZ confirms a 75% bull rally

  • Chiliz price has broken out of a bull flag pattern, hinting at a 75% upswing.
  • The rally could slowdown around the Momentum Reversal Indicator’s (MRI) breakout line at $0.90.
  • If sellers manage to slice through the 50 four-hour moving average (MA) at $0.58, a bearish scenario will evolve.

The recent development surrounding the Chiliz-backed Socios platform could hold the key to spark another CHZ price rally.

Manchester City welcomed by Chiliz and Socios

Socios, a fan engagement platform powered by Chiliz blockchain, added sporting organization Manchester City to its platform. 

The next step for Socios would be to create fan tokens for the football club, which are full fungible digital assets that give users the right to vote on club matters. Additionally, these digital assets help holders earn rewards, VIP invites, and other merchandise.

Manchester City now joins other popular sporting clubs like FC Barcelona, Juventus, Paris Saint-Germain, AC Milan, etc on the blockchain-based NFT platform.

Chiliz price favors the bulls

Chiliz price spiked 292% between March 10 and March 12, which formed a “flag pole.” Soon after, CHZ started descending, forming lower highs and lower lows in the shape of a “flag.” Such market behavior led to the creation of a bull flag pattern.

The technical setup forecasts a 75% upswing to $1.03, determined by adding the flag pole’s height to the breakout point at $0.59.

Adding credence to the bullish outlook is the MRI indicator’s recent reversal signal, presented in the form of a green one arrow on the 4-hour chart. This setup forecasts a one-to-four candlestick upswing. 

Although not immediately, CHZ price picked up slowly as it has surged nearly 22% since this signal was flashed.

Chiliz bulls will face a stiff resistance barrier around $0.90 due to MRI’s breakout line. A breach of this level might send CHZ flying to its intended target at $1.03.

CHZ/USDT 4-hour chart

CHZ/USDT 4-hour chart

Regardless of the bullish outlook, a move below the 50 four-hour MA at $0.58 will invalidate the bullish thesis for Chiliz price. If this were to happen, CHZ could pull back 18% to $0.47.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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