Chiliz Price Prediction: CHZ mulls 95% move to upside
|- 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
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
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.