- Chiliz Price on the weekly chart is maintaining its momentum beneath the resistance of the 0.236 FIB retracement
- The press time price of CHZ Token is $0.27 established on the back of a 14.19% increase in the past 24 hours
- The overbought RSI on the 4-hour chart is signaling that traders should brace themselves for a minor pullback
Should you consider investing in CHILIZ (CHZ)?
Chiliz is the leading global Blockchain that tokenizes fan tokens that are generated by popular sports clubs. The Chiliz Blockchain also powers the world’s first scalable fan engagement and rewards app where fans have a variety of options when it comes to trading branded tokens and voting in-club-focused surveys and polls.
As per the latest announcements, the CHZ has taken pride in announcing that the $SAUBER Fan Token that belongs to the Alfa Romeo Racing ORLEN will be launched on Socios.com. The launch of the $SAUBER fan token will enable the token holders to have access to VIP rewards, voting rides in polls, exclusive promotion, chat forums, all through one website.
Chiliz is a platform that provides new and exciting ways for the sports fan to engage with their preferred fan clubs or teams. CHZ Token is an amazing investment for crypto enthusiasts who have a liking for sports.
CHZ Bulls need to step up and tackle the resistance of $0.27
CHZ price on the daily technical chart is presently setting up the second lower high since mid-June. While the overall price action is wrapped inside the Descending Triangle Pattern, the bulls are encountering strong hindrance by the overhead resistance of $0.27.
Today’s move alone was responsible for pulling together a 19% upswing, thus handing out the dominance to the bulls. That being said, the overhead resistance levels are bolstered with critical EMAs. For a bullish breakout to hold accountability, a decisive close above the 20 EMA is an absolute must.
The continuation of today’s bull cycle will result in CHZ price moving outside the supply zone and defeat the odds of a Dead Cat Bounce. Today’s volume of (480 M) is considerably higher than the 20 period Moving Average which is hovering inside the range of (352 M). Considering that the buying pressure continues to sustain above average, a break above the resistance of $0.27 will not be challenging.
CHZ Price on the brink of pulling back on the 4-hour chart
CHZ price action has been fluctuating inside an ascending parallel channel, thanks to June’s flash crash. Presently maintaining support above the 200 EMA, there’s a high risk of a pullback in the upcoming hours owing to the overbought RSI on the 4-hour chart. The most probable targets for this correction are $0.26, $0.25, which is bolstered by the 20 EMA.The occurrence of this situation will validate buyers to accumulate CHZ at a discount before the launch of the $SAUBER fan token.
The overextended relationship between the RSI and the price action demonstrates the possibility of a pullback. However, with the excitement built on grounds of the launch of a new token, it wouldn’t be surprising for CHZ’s price to maintain its trend above the 200 EMA and proceed to make lower highs.
Meanwhile, The MACD has already started to exhibit exhaustion as evidenced by the declining histogram inside the positive territory.
SUPPORT : $0.26, $0.25
RESISTANCE : $0.27, $0.28