- Chiliz price prediction reveals points at the overall bearish trend for the CHZ token
- CHZ token reported a loss of 39.84% in the last 3 months
- CHZ price made a recovery of 38.15% from its swing low of $0.0605
Chiliz’s (CHZ) price prediction showcases an overall bearish trend since the CHZ token got rejected at the resistance of $0.15. The price action developed a double-top pattern, which got a breakdown in May 2023. Prior to this, the market started the year with a 75% surge from its swing low. However, the bulls weren’t able to sustain above the resistance, and the CHZ coin started its decline. Since February 2023, the CHZ crypto has lost about 63% before bouncing from its swing low at $0.0605.
At the time of writing, the current market price of CHZ coin is $0.0818. The 24-hour trading volume jumped 8.00%. The market is up 3.15% in the last 24 hours. The overall market cap of CHZ tokens is $579,779,163.
Can Chiliz Perform a Strong Trend Reversal?
Source: CHZ/USDT 1D Chart by TradingView
Chiliz’s (CHZ) price prediction indicates the market has been on a selling spree since 2021 after it fell from its all-time high. At present, the bears are controlling the prices, which can be concluded from the fact that the CHZ crypto price is trading below the 200 EMA. As the price broke the neckline of the double bottom, the market witnessed panic selling, which flushed the price down by 40%.
The bulls decided to buy the dip at $0.0605, demonstrating a recovery of 38.15% from its current market price. The escalation broke the resistance of $0.0709, pushing the price up. At present, the bulls are fighting to claim the next resistance of $0.833, which can help the CHZ token further extend its recovery.
Can the Market Sustain its Recovery?
Source: CHZ/USDT by TradingView
On The 4-hour chart, the recent recovery has reversed the trend in the short term, and the price is trading in an uptrend. It was observed that the CHZ coin made a series of higher highs and higher lows, bouncing on an ascending trendline. This trendline plays the role of support in the short term. The price barely crossed the 200 EMA to the upside.
Meanwhile, the bullish momentum isn’t very strong, which can determine the certainty of a bullish reversal. Also, the market structure can be interpreted as a bear flag, which is a continuation pattern in a strong bear trend. There are two scenarios in the immediate short term. If the CHZ crypto price breaks and sustains above the local resistance, then there is a high chance of further escalation to $0.1006. However, A breach of the ascending trendline can invite panic selling, and the price may fall to test the lower levels.
RSI
The RSI indicator is currently at 53.91 This is a condition of a bullish to sideways momentum. The market may consolidate until the RSI crosses 70
MACD
MACD is making a bearish crossover above the 0 line. This indicates that the market may witness a correction but the prices won’t fall aggressively until the indicator goes below the 0 line.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion
Chiliz’s (CHZ) price prediction showcases an overall bearish trend since the CHZ token got rejected at the resistance of $0.15. The market fell significantly, igniting panic in the market. Meanwhile, the CHZ token has been recovering for the past few days. The market is inviting investors due to its cheap price and high potential. However, the overall trend remains bearish and it would be wise to wait for more confirmation of the trend reversal. It would be best to practice solid risk management rules to void losses.
Technical Levels
- The nearest support level: $0.0709
- The nearest resistance level: $0.0833
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
