- Chiliz price is hovering below a set of crucial resistance barriers, vying to climb higher.
- A decisive close above $0.338 will signal the start of an uptrend.
- If CHZ breaks below $0.291 after kick-starting an advance, the bullish thesis will face invalidation.
Chiliz price is currently trading below a significantly large resistance level. Investors can expect an attempt to sweep above this supply zone shortly. A decisive close above it will trigger an uptrend, but a failure will signal a continuation of the downtrend.
Chiliz price looks to advance
Chiliz price has been trading inside a tight range below a supply zone that stretches from $0.302 to $0.338. This move comes after a failed attempt to breach past it on May 26. A potential spike in buying pressure that pushes CHZ above $0.295 will signal the presence of bulls. If Chiliz price produces a decisive 6-hour candlestick close above $0.338, it will flip the supply zone into demand. This move will also trigger an uptrend that could propel CHZ by 34% to the swing high at $0.455.
The temporary supply barrier at $0.402 will serve as a pitstop if the buyers are strong enough to push past it or a ceiling if the sellers step in.
Therefore, investors need to keep a close eye on $0.402 and $0.455.
CHZ/USDT 6-hour chart
Additionally supporting this upswing is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, revealing little to no resistance ahead for Chiliz price.
However, 1,710 addresses that purchased nearly 1.3 billion CHZ at an average price of $0.265 will cushion any short-term selling pressure by potentially adding more to their holdings.
CHZ IOMAP chart
While the bullish scenario seems likely, it will be confirmed only after a convincing close above $0.338. However, rejection at this point or failure to sustain above will likely lead to a downswing.
A breakdown of $0.295 after slicing through $0.338 will invalidate the bullish thesis and trigger a 15% slide to the recent swing low at $0.252.
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