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Chiliz (CHZ) Price: Potential Surge of Over 70% Anticipated in the Near Future

The price of Chiliz (CHZ) has broken above the long-term resistance area and confirmed it as support. It is expected to continue rising in the near future.

Long-Term Resistance Breakout

The price of Chiliz (CHZ) has been on the rise since touching a yearly low at $0.054 in early October 2023. During the rally, it reclaimed the important support area at $0.09 in the week from January 22nd to 28th, 2024.

This action indicates that the previous breakdown (red ellipse) was merely a deviation, often followed by a strong recovery.

Indeed, the price of CHZ has increased rapidly since then and broken above the resistance area at $0.145. Last week, the price confirmed this area as support (green arrow), marking a shift in sentiment from selling on rallies to buying on dips.

The weekly RSI has entered the overbought zone and is trending upwards, signaling that the bulls have full control of the market.

Therefore, the price of CHZ may continue to rise towards the next significant resistance area at $0.29, which is 76.67% higher than the current price level.

chz-breakout
CHZ/USDT weekly chart. Source: TradingView

Daily Outlook

The daily chart shows that the price of CHZ experienced a significant sell-off on March 5th. This caused the price to break below the previous resistance area at $0.145.

However, this action turned out to be a deviation (red ellipse) as the price quickly reclaimed the $0.145 area, suggesting strong buying pressure at lower levels.

Subsequently, the price has confirmed this area as support over the past few days (green arrow).

The daily RSI remains above the 50 level and is trending upwards, supporting the possibility of further gains.

Therefore, the price of CHZ may rise to the nearest horizontal resistance area at $0.18 in the coming days.

CHZ/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario indicates that the price of CHZ will continue to rise in the near future. The nearest target is $0.18 and higher towards $0.29.

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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