• Chiliz price has been consolidating in a bullish flag, indicating a breakout soon.
  • A decisive close above the flag hints at a 95% upswing to $1.
  • A bearish scenario might evolve if CHZ drops below $0.39 for an extended period.

Chiliz price reveals a tremendous bullish opportunity that could see it nearly double. However, a decisive breakout from a critical level will decide if CHZ bulls will seize this opportunity.

Chiliz price on the verge of incredible gains

Chiliz price is currently trading above $0.5 inside a bullish continuation pattern known as a bull flag. Such a technical formation has an initial burst of CHZ’s market value, referred to as the flagpole. This move is followed by a calm where the asset usually forms a downward sloping channel known as the flag.

A decisive close above the flag’s upper boundary at $0.523 will signal the start of a 94% bull rally. Chiliz price target at $1.01 is obtained by adding the flagpole’s height to the breakout point.

If the sellers fail to restrict the bullish reign, CHZ price could extend to the 127.2% Fibonacci extension at $1.61.

CHZ/USDT 12-hour chart

CHZ/USDT 12-hour chart

As portrayed by IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, the upswing will not be a cakewalk since the underwater investors are stacked against the bulls.

Roughly 12,400 addresses that purchased 946 million CHZ tokens in the range of $0.49 to $0.53 are “Out of the Money.” Hence, any short-term buying pressure will face equal force in the opposite direction from investors who might want to break even.

Therefore, a rejection at any of these levels will likely send the Chiliz price crashing toward the relatively small support zones.

Chiliz IOMAP chart

Chiliz IOMAP chart

The bearish trend will erupt if the sellers drag the Chiliz price below the $0.39 level as it would represent a move below the flag formation.

In that case, CHZ could initially drop 13% to $0.345, the first line of defense. Breaching this would send the cryptocurrency toward the 61.8% Fibonacci extension at $0.24.

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s what to expect from AAVE V3 launch on the Ethereum mainnet

Here’s what to expect from AAVE V3 launch on the Ethereum mainnet

Aave, an Ethereum-based protocol that offers automated crypto loans to users, recently launched its V3 version on the mainnet. Aave V3 is now live on Ethereum, offering the community an improved version of capital efficiency and liquidity while reducing gas costs. 

More Aave News

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Cardano, an Ethereum-competitor and a proof-of-stake blockchain network has witnessed a decline in ADA holdings of large wallet investors. Whales holding between 1000,000 and 100,000,000 ADA tokens have shed their Cardano holdings.

More Cardano News

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Ethereum price has been consolidating after the January rally subsided after three weeks. This tightening continues even after BTC shot up 3% over the weekend. 

More Ethereum News

Hedera missed the opportunity to reach that target before the fade kicked in

Hedera missed the opportunity to reach that target before the fade kicked in

Hedera (HBAR) price has been shooting for the starts but looks to be dropping like a stone now. Just like Icarus, who flew too close to the sun, this time, Hedera came just not close enough to the projected price target for this rally.

More Hedera News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP