- Chiliz Price prediction is turning bullish for the long term.
- Chiliz price has formed a double bottom bullish reversal pattern.
- CHZ price holds the 50 day EMA and is approaching toward the 200 day EMA.
Chiliz Price prediction is turning bullish for the long term and might show upward momentum in the coming month. Chiliz price is forming a double bottom bullish reversal pattern indicates prices are in the initial phase of trend reversal. However, the confirmation of the trend reversal will come when buyers succeed to break the neckline hurdle at $0.1795. CHZ price has managed to regain the 50 day EMA shows buyers are returning back to the bullish track.
Chiliz price is trading at $0.1345 with an intraday rise of 3.07% and 24 hour volume to market cap ratio is at 0.1356. The pair of CHZ/BTC is trading at 0.00000479 with an intraday rise of 2.57% shows divergence between both the pairs. At the beginning of February, Chiliz price attempted to break the $0.1600 hurdle near 200 day EMA but the attempt failed and prices faced rejection.
The Chiliz price hit a swing high at $0.1792 and formed a bearish rejection candle near the supply zone which will act as important resistance in coming months. Later, prices reverted downward in direction and began to decline by forming lower lows and dropped below the 50 day EMA which invited further decline.
Will Chiliz price break the neckline of double bottom?
Chiliz price took support near its previous swing low at $0.0973 and formed a bullish hammer candle. At the mid of March, global market sentiment recovered which positively impacted the Chiliz crypto and prices showed a minor bounce from lower levels. Slow and steady, buyers succeed to regain the 50 day EMA and rise upward to reverse the positional trend in the favor of bulls.
CHZ price displayed a double bottom bullish reversal pattern but the confirmation is still awaited. The technical analysis suggests, if Chiliz price holds the 200 day EMA, then probability of the neckline breakout will substantially increase.
What if the Chiliz price faced rejection again?
Chiliz price is up by 14.42% on a weekly basis and showing signs of the upward range expansion. However, if the CHZ price faced rejection from the supply zone, the bears may again try to drag it down toward its previous low at $0.0973. The technical indicators like MACD had generated a positive crossover and histogram bar is on rise indicates bullishness. The RSI at 63 sloping upward denotes strength of the bulls and more room for upside is open.
Conclusion
Chiliz Price prediction suggests a rise in the coming months and forming a double bottom reversal pattern. However, the confirmation of the trend reversal is still awaited. The technical analysis suggests, CHZ price is in bulls grip and possibility of the double bottom neckline breakout is high.
Technical levels
Resistance levels : $0.1795 and $0.2750
Support levels : $0.0973 and $0.0800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.