CHZ has continued to look strong, despite the pullback across crypto assets in the market.
The currency sees a return of investor’s interest due to its involvement with sports tokens.
The trend forming indicates positive responses, but may not be suitable for long term investors.

Amidst the wreck, Chiliz has continued to look strong, respecting the bullish trendline. The approaching FIFA season brings along the long-gone interest of the users to CHZ, the native cryptocurrency of Chiliz. Fan tokens are frequently talked about and translate users’ excitement into price trends. The coin may witness a bright future for the current hints.

The chart POV

The price forms a rising wedge pattern, pointing towards the resistance level of $0.274. The price of CHZ broke the resistance at $0.236, a close above this region could send the price to a resistance level of $0.300. The shows bullish trends, holding well above the 50 EMA. The volume also flashes, increasing purchases and empowering bulls.

The masses are hopeful of the uptrend. The CMF indicator floats high above the 0-mark, indicating strong upwards movement. It may move sidewards in the same range as the trend persists. The MACD indicator converges sharply and may diverge with bulky sales. The uptrend may be here for a short term but will benefit greatly. The RSI indicator is floating in the 50-60 range and is currently neutral but may escalate as the price rallies and moves closer to the 70 mark.

The recent hours

The price continues to rally and maintain the pace. The RSI indicator moves to 60-70, hinting toward active bulls. It may move closer to the 70-mark limit or even cross it to rightly translate the overwhelmed sentiments of the users. The MACD indicator diverges in a bullish swing and records heavy purchases. It may widen further as the rally continues. The CMF indicator moves horizontally in the active bull zone indicating the upward slope.

Conclusion

The market is experiencing a FIFA wave and is diverting its attention towards the sports tokens, due to which CHZ witnesses optimistic sentiments by the masses. The current patterns hint towards a sharp but short-lived surge in the price and may benefit short-term investors but may only be suitable for long-term users.

Technical level

Support levels: $0.155 and $0.121

Resistance levels: $0.266 and $0.274

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/11/19/fifa-brings-back-spice-to-chiliz-may-witness-an-uptrend/