- Chiliz price is consolidating in anticipation of a volatile bull rally.
- A decisive close above the supply zone that ranges from $0.594 to $0.645 will signal the start of this uptrend.
- The bullish scenario will face extinction if the resistance level at $0.510 is shattered.
Chiliz price has surged exorbitantly since the sell-off witnessed in April. Now, CHZ is coiling up, preparing for blast-off.
Chiliz price eyes higher high
On the 6-hour chart, Chiliz price shows that it is undergoing a correction after rallying nearly 30% since April 28. After bouncing from the support level at $0.519, CHZ looks to breakout out of this consolidation and head higher.
A sudden spike in buying pressure will most likely push Chiliz price toward the supply barrier that stretches from $0.594 to $0.645. This area of resistance has rejected CHZ thrice from surging higher, depleting the sellers present here.
Therefore, if bid orders pile up, the upcoming surge will flip the said zone into support. Under these circumstances, Chiliz price will have a path of resistance to retest a pre-crash level at $0.746.
In total, Chiliz price could potentially surge 35% in the near future.
CHZ/USDT 6-hour chart
On the flip side, if buyers fail to slice through the said zone, another correction might ensue toward the support level at $0.510.
A breakdown of the cluster of 50, 100 and 200 Simple Moving Averages present between $0.517 and $0.495 will invalidate the bullish outlook.
If investors begin to panic sell here, then the demand zone that extends from $0.453 to $0.477 will be tested.
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.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.