- Chiliz Price's prediction is turning bullish in the long term.
- Chiliz price has formed a bullish double bottom reversal pattern.
- The CHZ price is holding the 50 day EMA and is approaching the 200 day EMA.
Chiliz Price prediction is turning bullish in the longer term and could show bullish momentum in the next month. Chiliz price is forming a bullish double bottom reversal pattern indicating that prices are in the initial trend reversal phase. However, confirmation of the trend reversal will come when buyers break through the neckline hurdle at $0.1795. CHZ price has managed to recapture the 50 day EMA which shows that the buyers are getting back on the bullish path.
Chiliz price is trading at $0.1345 with an intraday increase of 3.07% and the 24-hour market volume to market cap ratio is 0.1356. The CHZ/BTC pair is trading at 0.00000479 with an intraday rise of 2.57% showing divergence between the two pairs. In early February, the Chiliz price attempted to break the $0.1600 hurdle near the 200 day EMA, but the attempt failed and prices faced rejection.
Chiliz price reached a high of $0.1792 and formed a bearish rejection candle near the supply zone that will act as major resistance in the coming months. Later, the prices reversed to the downside and began to turn lower, making lower lows and dipping below the 50 day EMA, inviting further downside.
Will Chiliz price break the neckline of the double bottom?
Chiliz price took support near its previous low at $0.0973 and formed a bullish hammer candle. In mid-March, global market confidence picked up, which had a positive impact on the Chiliz crypto and prices showed a small rebound from the lows. Slow and steady, the buyers manage to recapture the 50 day EMA and rally to reverse the positional trend in favor of the bulls.
CHZ price showed a bullish double bottom reversal pattern, but confirmation is still awaited. Technical analysis suggests that if the Chiliz price sustains the 200 day EMA, the probability of breaking out of the neckline will increase substantially.
What would happen if the Chiliz price faced rejection again?
Chiliz price is up 14.42% on a weekly basis and is showing signs of ascending range expansion. However, if the CHZ price faces rejection from the supply zone, the bears may again try to drag it towards its previous low of $0.0973. Technical indicators such as the MACD had generated a positive crossover and the rising histogram bar indicates optimism. The upward-sloping RSI at 63 denotes the strength of the bulls and there is more room open for the upside.
Conclusion
Chiliz Price's prediction suggests a rise in the coming months and the formation of a double bottom reversal pattern. However, confirmation of the trend change is still awaited. Technical analysis suggests that the CHZ price is in the hands of bulls and the possibility of breaking the double bottom neckline is high.
technical levels
Resistance levels: $0.1795 and $0.2750
Support levels: $0.0973 and $0.0800
Disclaimer
The views and opinions expressed by the author, or any person named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets carries a risk of financial loss.
