Ali Raza
Chiliz has jumped by 15.6% over the past week, according to data from CoinGecko. During the past 24 hours, CHZ has jumped slightly by 0.2%, but bears threaten to erase the rally CHZ has made over the past seven days.
CHZ pumps 15% this week
Buyers seem to be losing their grip over CHZ, as seen in the recent failure of the token to move past critical resistance levels. In the short-term view, it seems that CHZ remains below the resistance line.
At the time of writing, CHZ was trading at $0.264. Its trading volumes during the past 24 hours were at $474 million, with a market cap of $1.4 billion, making it the 42nd largest cryptocurrency by this metric.
The broader market is not doing much to support CHZ’s uptrend, as the global market cap has been holding the $970 billion market cap for several days. Additionally, its price against that of Bitcoin and Ether seems to be at par, showing that CHZ is not outperforming the market as it had done in the past weeks. Therefore, the behavior of CHZ buyers will significantly influence the price.
Over the past two weeks, CHZ’s price has been sloping upwards, as seen in its two-week price chart below. During the bull run, the price attained a two-week high of $0.27, with the bears preventing the price from breaking past a critical resistance at $0.28.
During the past seven days, CHZ has traded between the $0.22 and $0.27 range. At the current price, CHZ looks poised to test the lower support level of $0.25. Besides the bulls fighting to defend this support level, there is also a risk that the price could drop lower to the $0.18 support level.
While the sentiment appears bearish in the short term, CHZ could still outperform the rest of the market, as the indicators signify that a trend reversal could be on the way.
Chiliz’s bullish sentiment is still strong
The CHZ price movement has been on a bullish trend over the past two weeks, and the four-hour chart (above) shows that the bulls could still be at play despite the price consolidating at the same level over the past few days.
The Relative Strength Index (RSI) reads 58, showing a solid bullish sentiment surrounding CHZ. The buying support is still at play, and the token still has the potential or moving to previous highs.
The bullish sentiment is also made evident by the Moving Average Convergence Divergence (MACD). The MACD is above the signal line, showing that bulls are still at play. The MACD also looks like it is recovering from the previous lows, and a trend further above the signal line could be on the way.
If these indicators are proven true and CHZ pumps higher, the resistance levels that could be tested are $0.30 and $0.35.
However, the possibility of a trend reversal is even more likely. The bullish sentiment is dying off as the buyer and market support weakens. Therefore, in the short term, the price trend will be volatile. However, CHZ, as a leading fan token, is set to be a good investment for the long term due to the growing dominance of the Socios platform in sports.
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This article was written for Business 2 Community by Ali Raza.
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