Chiliz (CHZ) Price Continues to Rise, Up 15% in a Week

According to CoinGecko, Chiliz has risen 15.6% in the past week. In the last 24 hours, CHZ has gained a modest 0.2%, but bears are threatening to wipe out CHZ’s rally over the last 7 days.

CHZ up 15% for the 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 price remains bullish

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, a trend reversal is more likely. Bullish sentiment is fading as buyers and market support wane. As a result, price action will be volatile in the short term. However, due to the growing dominance of the Socios platform in the sports space, Chiliz will be a good investment for the long term as a leading fan token.

Read More:

LUNA Classic Burn: Will LUNC Burn Its Supply?

Pi Network Mainnet: When Is Pi Coin Launching?

Tamadoge Crypto Price Prediction 2022-2023-2025

Pi Cryptocurrency Review: Is Pi Network a Scam?