Chiliz (CHZ) Price Moves Higher Thanks to New Sports Blockchain Launch in Early May
Chiliz (CHZ) is showing clear signs of price increase. It could retest the range it previously broke at $0.17 once again. CHZ is the native token of Chiliz blockchain, the first blockchain platform applied to Esports, developed according to the trend of social tokens in the sports entertainment field. On May 10th, the platform will launch a new sports blockchain.
Previous trading range
After a strong increase since June 2022 thanks to the World Cup, the Chiliz (CHZ) price has been trading within the range of $0.17 to $0.28. The price has tested both the resistance and support of the range multiple times. On December 5th, after the World Cup cooled down, the CHZ price broke below the range and reached a yearly low of $0.97.
The price has since rebounded and confirmed the previous range’s support as resistance on February 8th, 2023. This rejection caused the price to drop to a yearly low once again.
Combining the two lows, we see the presence of a double bottom pattern combined with a bullish divergence in the daily RSI indicator. This is a bullish pattern that often appears at the end of a downtrend.
Therefore, it is more likely that CHZ price will retest the previous range support at $0.17 once again.
Reclaiming a key price zone
Taking a closer look at the daily chart, it is seen that the CHZ price has broken out and flipped the resistance zone at $0.126 into support in the form of a bullish pin bar candle (green arrow). This is a bullish development as it may trap aggressive bears and create a short squeeze.
The nearest resistance level is found at $0.145. Breaking above this level may help the price rise quickly to the strong resistance at $0.17.
The RSI indicator supports further upward movement as it is sloping up and above 50.
Conclusion
The most likely prospect shows that the CHZ price will continue to rise to $0.17. This view will be invalidated if the price breaks below $0.126.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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