Chiliz has formed a bullish pattern, and could see an 8% gain.
CHZ manages to break above the resistance level, it could potentially see gain
Chiliz (CHZ), the blockchain-based platform that allows sports and entertainment fans to purchase branded fan tokens, has been showing signs of a bullish trend in its technical analysis charts. In fact, the analysis suggests that the CHZ could see an 8% gain.
According to the analysis, Chiliz has formed a bullish pattern called the ascending triangle, which is typically a bullish signal. The ascending triangle pattern is formed by a horizontal resistance level and a rising support level. When the price breaks above the resistance level, it usually signals a bullish trend.
CHZ/USDT Price Chart (Source: TradingView )
In the case of Chiliz, the platform has been forming this pattern since the beginning of March. As the platform continues to form the pattern, the resistance level remains at around $0.52, while the support level has been rising steadily. If Chiliz manages to break above the resistance level, it could potentially see gain, bringing its price up to around $0.2 in the near future.
Chiliz (CHZ) Technical Analysis – Will CHZ Hit $0.2 Soon?
The technical analysis also shows that CHZ has been in a bullish trend since mid-March, when it broke above its 50-day moving average. Since then, the platform has been consistently trading above this moving average, which is a bullish signal in itself. In addition, the 50-day moving average has been rising steadily, indicating that the bullish trend is likely to continue.
CHZ/USDT Price Chart (Source: TradingView )
Furthermore, the analysis indicates that Chiliz has strong support levels at around $0.12 and $0.11. These levels have been tested multiple times over the past few months and have held up well, indicating that buyers are willing to step in and support the platform at these levels.
Another bullish signal for Chiliz is the high trading volume the platform has been experiencing. In fact, the volume has been steadily increasing since mid-March, indicating that more and more traders are getting interested in the platform. High trading volume is typically a bullish signal, as it indicates that there is strong buying pressure behind the platform.
Overall, the technical analysis suggests that Chiliz has a strong bullish potential. If the platform manages to break above its resistance level at around $0.2, it could potentially see an 8% gain in the near future.
Additionally, the platform has been in a consistent bullish trend since mid-March, with strong support levels and high trading volume, indicating that the bullish trend is likely to continue. Investors should keep an eye on Chiliz and consider adding it to their portfolios if they are looking for a platform with strong growth potential.
