Chiliz price surges by 150% in just three days but faces significant selling pressure
- Chiliz price had a massive 150% rally in the past three days.
- The digital asset reached a new all-time high of $0.317, hitting $1 billion in market capitalization.
- CHZ faces strong selling pressure in the short-term.
Chiliz price exploded in the past few days without any real major announcements. After a colossal 150% rally, the digital asset faces significant selling pressure in the short-term.
Chiliz price will need to see a pullback before another leg up
The TD Sequential indicator has presented a sell signal on the daily chart and a green '8' candlestick on the 12-hour chart, which will most likely transform into another sell signal.
Chiliz sell signals
If both sell signals are validated and confirmed, Chiliz price could quickly drop towards $0.20 at the 61.8% Fibonacci Retracement level and as low as $0.166 at the 50% Fib level.
CHZ/USD daily chart
To invalidate both sell signals, bulls need to push Chiliz price above the previous high with a daily candlestick close. The next potential price target is $0.40 at the 127.2% Fibonacci level and $0.44, the 141.4% level.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
