Chiliz Price Forecast: CHZ jump to $1 is inevitable, according to technicals


  • Chiliz price had a breakout from a bull pennant on the 12-hour chart
  • The digital asset faces only one key resistance level on the way up, according to on-chain metrics. 
  • The only concerning factor is a sell signal posted by the TD Sequential indicator.

Chiliz (CHZ) had a massive 30% move in the past two days, cracking a key resistance level and breaking out from a parallel channel. CHZ had a lot of momentum since the beginning of 2021 thanks to fan tokens.

Chiliz price targets $0.65 in the short term

On the 12-hour chart, Chiliz established a bull pennant and had a breakout above it on April 12. This massive pattern has two significant price targets, one conservative at $1, which would be a 93% move, and a colossal one at $7.5, which would mean a 1,300% surge.

chz price

CHZ/USD 12-hour chart

The digital asset has already re-tested the previous resistance trendline and only faces one key resistance level before a jump to yearly highs at $1. 

chz price

CHZ IOMAP chart

The In/Out of the Money Around Price (IOMAP) chart shows only one critical resistance area between $0.55 and $0.567 where 182 addresses purchased 619,000 CHZ. Moving above this point should quickly push Chiliz price towards $0.65. 

chz price

CHZ Holders Distribution

Additionally, the number of whales holding 10,000,000 CHZ or more has increased by six since April 4. This gives even more credence to the bullish outlook outlined above. 

chz price

CHZ/USD 6-hour chart

However, on the 6-hour chart, the TD Sequential indicator has just presented a sell signal which could easily drive Chiliz price down to $0.50 which is a significant support level according to the IOMAP model. 

 

 

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Is SafeMoon a Ponzi scheme? Investors grow concerned

SafeMoon price has been on a slow downtrend as its range tightens, indicating that the volatility has dried up. The price action resembles an awful lot to Bitcoin.

More SafeMoon News

NFTs popularity explodes while the crypto markets bleed

Non-fungible tokens (NFTs) have become increasingly popular, and sales volumes on NFT marketplaces have soared higher in the first half of 2021. More brands are jumping in on the NFT craze, and in China, tech giant Alibaba is leading the adoption of this trend. 

More Cryptocurrencies News

Dogecoin price continues to tumble after Elon Musk’s tweet, DOGE contemplates 78% decline

Dogecoin price has dropped massively since its peak in April. This steady decline is approaching a crucial demand barrier, a breakdown of which could lead to a cascading sell-off.

More Dogecoin News

XRP price prepares for 12% decline as David Tice warns of market meltdown

XRP price is currently hovering above a crucial demand zone, a bounce from which failed to produce a higher high. Such a development indicates that the buying pressure is relatively weaker.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP