Lorenzo Stroe
Independent Analyst
- Chiliz price has formed a bearish pennant on the 4-hour chart.
- CHZ must hold a key support level to avoid a massive fall.
- To invalidate the bearish outlook, Chiliz will need to see a 14% upswing.
After a massive 80% upswing to $0.84, Chiliz price quickly dropped and couldn’t manage to keep hold of its new gains. The digital asset has been trading sideways for the past three days and could be on the verge of a new leg down.
Chiliz price must stay above a crucial support level to avoid a huge drop
On the 4-hour chart, Chiliz has formed a bearish pennant and it’s close to a breakdown. A 4-hour candlestick close below $0.48 would confirm it. The price target would be down to $0.27, a 45% move calculated by measuring the height of the pole.
CHZ/USD 4-hour chart
To invalidate this bearish outlook, CHZ bulls must push the digital asset above the upper trendline of the pennant and see a 4-hour close above $0.58.
On the hourly chart, CHZ trades inside a symmetrical triangle pattern. Chiliz has just defended the lower trend line support and aims for a bounce toward the upper boundary at $0.56.
CHZ/USD 1-hour chart
A breakout above $0.56 has a price target of $0.70, calculated by measuring the height of the symmetrical triangle pattern.
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