• Chiliz price has corrected nearly 45% since hitting an all-time high at $0.95.
  • Now, the Momentum Reversal Indicator (MRI) has flashed a trend reversal signal that could lead to a 55% bull rally.
  • An extension of the correction beyond the $0.46 support level would invalidate the bullish thesis and trigger a sell-off.

Chiliz price looks primed to reverse and retest previous all-time highs as the downward trend seems to have reached exhaustion.

Chiliz price poised higher highs

Chiliz price experienced a massive 1,813% run-up that pushed it from $0.05 to almost $1.00. Now, CHZ might reverse after a brief 45% correction to $0.53 as the MRI printed a “preemptive bottom” on the 4-hour chart. 

The bullish setup forecasts that a Chiliz price is bound for a one to four 4-hour candlestick upswing.

If CHZ price manages to slice through the declined resistance trendline at $0.61, it will affirm buyers’ resurgence. In which case, Chiliz might surge another 45% from this breakout point to retest the MRI’s “breakout line” at $0.90.

A spike in bullish momentum leading to a decisive close above this barrier could trigger FOMO among investors, pushing Chiliz to retest the all-time high at $0.95 and swing towards the 127.2% Fibonacci retracement level at $2.4.

CHZ/USDT 4-hour chart.

Investors should note that MRI’s signal was only “preemptive.” Thus, the probability of an actual reversal is very low. 

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model also reveals two massive camps of underwater investors ahead.

The initial supply barrier at $0.58 has about 18 addresses holding nearly 99.84 million CHZ, and the next one at $0.63 is relatively larger. Roughly 4,300 addresses had previously purchased 293 million CHZ around this price level.

Hence, any short-term buying pressure will likely be absorbed by investors who are currently “Out of the Money” if they decide to sell their holdings and break even. 

Chiliz IOMAP chart

In such a case, a decisive close below $0.46 will invalidate the bullish outlook. A continuation of ask orders here could lead to a 43% downswing to $0.26 or the 61.8% Fibonacci retracement level.

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

Three reasons why SafeMoon price might rally 60% soon

SafeMoon price has experienced a massive sell-off since June 15 as it deviated below its previous range low established on May 23. However, this deviation is likely to revert to the mean, providing an excellent opportunity for an uptrend.

More SafeMoon News

Ethereum targets $2,400 before facing next hurdles

Ethereum price made a lower low on June 22, plunging below the $1,732 mark recorded amid the May market crash. While ETH price action followed the leading cryptocurrency as it faced recent negative news headlines, including China’s ban on digital assets, the second-largest crypto is heading for a swift recovery. 

More Ethereum News

Bitcoin price to rebound, but BTC has not reached a market bottom yet

BTC price dips below $30,000 for the first correction this month. Chinese regulations are panicking crypto investors with mining bans. Stock markets push higher, leading to the potential return of risk sentiment for continued BTC buys. 

More Bitcoin News

Dogecoin comeback might propel it up by 26%

Dogecoin price slid below the May 19 range low to create a new bottom as the entire cryptocurrency market underwent a sell-off. Although DOGE has rallied considerably since setting up the recent swing low, more gains seem to be on the horizon.

More Dogecoin News


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