Chiliz price prediction: Is CHZ poised for a 24% rally ahead of the FIFA World Cup?
|- Chiliz price marked an almost 20% rally in the last 24 hours to trade at $0.2364.
- Consistent accumulation could set CHZ on the path of a multi-month breakout at $0.2950.
- A breakdown from the critical support level at $0.1976 could see Chiliz falling toward three-month lows.
Chiliz price has been expected to note significant rises for a while now, thanks to the arrival of the FIFA World Cup. The football tournament is set to begin on November 20, and CHZ is expected to absorb some bullishness from it.
This is because the CHZ is the exclusive utility token for the Socios platform, which hosts fan tokens and allows users to contribute to their favorite teams’ management decisions. Going forward, CHZ is looking to leverage this bullishness and sustain the recent recovery in order to break out and tag its critical resistance.
Chiliz price is on a rise
Chiliz price recently tested the $0.1976 support level a few times on the four-hour timeframe before initiating a rise. The following near 20% recovery bounce enabled CHZ to trade above this crucial level, which is critical in establishing an uptrend.
The $0.2334 level, now turned resistance, has been a solid support floor for the altcoin in the past. If Chiliz price manages to close above it and test it as support over the next few trading sessions, CHZ is bound to paint green on the charts.
A bounce from $0.2334 could also push Chiliz toward the next critical resistance at $0.2619, and flipping it into support would prepare CHZ for a multi-month breakout.
Chiliz price is seemingly meeting the conditions necessary for the same as the altcoin has flipped the 30-, 50- and 100-day Simple Moving Averages (SMAs) into support levels. Maintaining this position is crucial for recovery.
CHZUSD 4-hour chart
However, the uncertainty of the market must also be considered before entering a long position. If Chiliz price fails to flip $0.2334 into support and declines again, it could consolidate above $0.1976, treating it as the lower limit of the range. A daily close below this level could trigger an 8% drop toward $0.181, invalidating the bullish call, which could result in CHZ crashing to the three-month low at $0.1503.
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.