- Chiliz is riding the bull wagon with an increment of 8.4% since yesterday
- The token also saw a rise in its fully diluted market cap by almost 21%
- The current market price of CHZ is trading near its 24-hour high price
Chiliz is back with the bullish trend after suffering from a trend reversal. The token with 0.11% of the market dominance is gradually continuing its rally with safe breakouts. The market capital went up by 21% during the day trading, while the 24-hour volume was down by 6.9% due to profit booking. The volume/market cap ratio comes out to be 0.7124. Its correlation with BTC and ETH supports the pair as during the intraday session, both registered increments of 16.71% and 14.97%, respectively. Chiliz has given a great return of investment of 2225% since the launch.
Currently, the token is trading above the major moving averages on the chart. The 50-day MA line took over the 100 MA line multiple times, piercing through many positions on the chart and is finally above the 100 and 200 MAs. The 100 MA line is climbing in an upward fashion with the 200 MA line that has a straight slope of the climb. The occurrence of three ascending peaks on the chart after the trend reversing inverted double bottom pattern proves the presence of the bullish forces. There will be more breakouts in the future if the trend continues like this.
CHZ to continue bullish rally
After referring to some of the volumetric oscillators, one can say that CHZ shows promise to the investors. The MACD shows that the token is bullish, and may stay the same until the upcoming market correction. The MACD line is way above the zero level while the histogram has just started to grow- indicating further growth. According to RSI, this cryptocurrency is going to stay near the neutral zone with 66 points and may go into the extremely overbought zone. CHZ is going to face resistance at $0.6523 and $0.5623, and support at $0.3521 and $0.4359.
Conclusion- Chiliz has the potential to stay above with a bullish climb if no correction or reversal happens. The token is heavily under the influence of BTC and ETH, so if the two major coins stay stable, then CHZ may never stop climbing. However, every investor is bound to perform analyses and research of the assets before investing.
Resistance- $0.6523 and $0.5623
Support- $0.3521 and $0.4359