CHZ Technical Analysis: Price Can Exceed $0.84 as Bulls Return

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    Chiliz (CHZ) is the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands.

    Let us see what the technical analysis of CHZ says:

    Past Performance

    Looking at the longer duration charts, we observed that it was not until December 2020 the price began to show volatility in trading. Moreover, the last two weeks have proved to be beneficial for the traders buying the Chiliz coin as its price uptrend.

    It opened on November 5, 2021, at $0.4391. The week witnessed a continuation in the uptrend, while the chart formed a convergence pattern. It closed yesterday, i.e., November 11, 2021, at $0.5149.


    CHZ Technical Analysis

    The current uptrend seems strong enough to continue moving upwards. The market sentiment is also bullish these days, which is reflecting the confidence of traders in the market. However, to make a call for CHZ specifically, let us look at the indicators first.

    Currently, CHZ is showing a negative signal today as it is trading 1.5% below yesterday’s close, at $0.5042.

    The OBV graph is showing a general uptrend but a dip today, in the buying volumes. The intraday traders may make a call today as the price is likely to go down. Swing traders, however, may take a short position.

    The Relative Strength Index is showing that the price has lost a little strength in the market today as the bears are in power. This can be a signal for a trend reversal as well.

    The MACD graph is showing that the MACD line is coming close to the Signal line, which can be converted into a bearish crossover in the coming days. This may result in a trend reversal.

    On November 10, 2021, Chiliz announced that they have completed their quarterly burn target for Q3. Burning is done to bring inflation in control.

    Day-Ahead and Tomorrow

    The future forecast holds bright for CHZ. It may not be an overstatement to say it would exceed a bullish price of $0.84. This means a tenfold annual increase each year is an excellent investment option within a year of its rise.

    The Fib numbers are showing that the price is taking support and successfully crossing the consecutive pivot points. This happened recently for the pivots at $0.42, $0.47, and $0.51. The next Fib target is at $0.57.

    Thus, the overall signal from the indicators is negative. The MACD and the RSI are anticipating a trend reversal. Thus, the traders may be alert, and they can keep a stop loss at $4.7. However, if the uptrend continues, they can keep a target at $0.6.



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