Chiliz Price Prediction: CHZ to blast off 42% as accumulation gains traction


  • Chiliz price hints at a 42% upswing as it nears the end of descending triangle consolidation
  • Massive exchange outflows hint at an accumulation of CHZ from interested investors.
  • A decisive close above $0.61 will create a higher high and confirm a new uptrend’s start.

The Chiliz price could be coming close to restarting its massive bull run as on-chain metrics point to accumulation.

Chiliz price shows strong fundamental growth

On the 12-hour chart, the Chiliz price has formed a series of lower highs that have bounced off a flat support barrier at $0.47. By drawing trend lines connecting the swing points, an ascending triangle pattern seems to evolve.

This technical formation forecasts a 42% move, which is the distance between the pivot high and low. The Chiliz price target of $0.71 is obtained by adding this measure to the breakout point at $0.50.

A secondary confirmation will arrive after the buyers push CHZ above $0.61, which happens to be the State Trend Resistance set up by the Momentum Reversal Indicator (MRI).

CHZ/USDT 12-hour chart

CHZ/USDT 12-hour chart

Supporting the Chiliz price’s bullish potential is the accumulation that seems to be underway. The supply on exchanges as a percentage of total supply reduced from 31.8% at its all-time high to 28.17% as of this writing.

This 11% decrease represents that investors have moved their CHZ holdings off exchanges and anticipate a further expansion in its market value.

A similar decreasing trend can be seen in withdrawal transactions, representing market participants moving their investments outside centralized entities. Moreover, such transactions were last seen during the start of the CHZ’s 1000% bull run.

Chiliz exchange supply and withdrawal transactions chart

Chiliz exchange supply and withdrawal transactions chart

The number of daily active addresses also saw a positive spike, suggesting an increased adoption of the Chiliz network from investors interesting in CHZ at the current price levels.

Chiliz daily active addresses chart

Chiliz daily active addresses chart

While the on-chain metrics suggest an accumulation for Chiliz, investors should note that descending triangle pattern is a bearish pattern formed due to aggressive sellers. Hence, a sudden spike in bearish momentum that pushes the CHZ price below $0.47 will jeopardize the upswing.

However, if the Chiliz price slices through the MRI’s breakout line at $0.42, it will invalidate the bullish outlook and trigger a bearish one. In such a scenario, CHZ could slide 17% to the immediate support at $0.35.

Another 16% drop to $0.30 seems likely if $0.35 fails to contain the bears.

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

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