The price of Chiliz is currently moving up the curve with a constant upward velocity. It implies that the currency will appreciate in value. If the price increases, a positive tendency for Chiliz may emerge or become stronger. Chiliz is presently increasing, but the bears may try to bring about the coin’s demise. A breach of the support level would signal a possible drop in the price of Chiliz. Prices could rise as more investors join the market, and if the bulls have a sound strategy for the currency or its future development.
The coin’s price is currently fluctuating around $0.1252 during the daily trading period, rising overall by 0.84%. The currency price is extremely erratic, with a cumulative incline of 1.53%. Both the bulls and the bears are trying to push the price to their predetermined targets, but it appears that the bulls are in the lead as the price is about to follow an upward curve. If the bulls successfully dominate the CHZ, the price may rise to the primary resistance of $0.1372. And if the bears remain silent, the price of the token may rise to the secondary resistance of $0.1618. If the bears manage to bring about a downward pattern, the price may fall as low as the primary support level of $0.1044 or as high as the secondary support of $0.0999.
The volume of CHZ increased by approximately 30.39% during the intraday trading period. The volume-to-market capitalization ratio is 0.1042. The number of coins is consistently rising, which suggests that the pressure from short-selling is lessening. The cost of Chiliz is currently not too far from the all-time high. Investors appear to still be optimistic about this currency. Investors are still pessimistic about the currency, as evidenced by the persistent bearish tendency.
Technical Analysis of CHZ
The price has decreased and the bulls have gained control of the CHZ market as the MACD and MACD signals have intersected, signalling the positive cross. As the Exponential Moving Average is moving away, the price may continue to fall, and the CHZ is being dominated by a negative trend. The coin’s price is higher than its 20,50 Exponential Moving Average but still below its 100,200 Daily Moving Average.
The coin’s RSI is approaching the overbought zone. The buyer has moved the RSI into the overbought zone, so the sellers now need to take action to neutralise the RSI. The RSI is currently at about 54.60, which is lower than the average RSI of 48.66.
Conclusion
The price of the CHZ might move upward as the buyers enter the trade. The current price of Chiliz is approximately $0.1252 with a total increase of 0.84% during the intraday trading session. The RSI is in the overbought zone. The MACD and MACD signals have intersected, signalling the positive cross.
Technical Levels
Support Levels: $0.1372 and $0.1618
Resistance Levels: $0.1044 and $0.0999
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/06/chiliz-price-prediction-can-the-bulls-dominate-chz/