Chiliz is once again drawing attention across the crypto market as a fresh Chiliz price prediction sparked bullish discussion among traders following new technical breakout signals.
Crypto analyst, Whale Factor shared a positive outlook for CHZ, pointing to similarities between the current market structure and the strong rally recorded during 2021.
At the time of the update, CHZ traded near $0.043 while continuing to hold above several key support zones.
Investor sentiment seems to be positive regarding Chiliz because the coin seems to hint at a reversal pattern. The Chiliz price prediction indicates that there may be a chance of a gain of over 2,700%, but that will depend on the market.
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Chiliz Price Prediction Points to Breakout From Multi-Year Downtrend
Based on the weekly chart, it is clear that Chiliz remained in a bearish trend after it reached almost $0.93 during the bull market run of 2021. It appears that, in recent times, all attempts at rebounding have ended close to a declining resistance level.
The present situation is where there is a shift in trend from price movements. For quite some time, CHZ has been trading between $0.04 and $0.05 without any major volatility.
Source: X
In this regard, many technical analysts have started viewing this scenario as the beginning of an accumulation process in the coming days. The progress towards the resistance trend line’s upper boundary has been keenly observed.
In addition, the latest Chiliz price prediction suggests that in the event of a breakout above the resistance trend line with increased volume, the outlook becomes bullish again.
Resistance at levels ranging from $0.08 to $0.12 is seen as important zones that can confirm a larger recovery.
According to the chart, there is a round bottom formation, which usually indicates significant growth of alternative coins. Rather than an explosive rally, analysts are expecting a steady recovery with retracements.
Daily Indicators Support Recovery Momentum
At lower time frames, indicators on TradingView indicate that CHZ is experiencing momentum. CHZ made a bounce from the $0.0400 support level and returned above the 20 EMA, 100 EMA, and 200 EMA. The moving averages now provide an excellent support base in the range of $0.0405 to $0.0430
The market continues to print higher lows since March, which means that buyers might have started to gain control back after a period of consolidation. CHZ encountered resistance at around $0.0500 but did not break down significantly below vital support levels.
The momentum oscillators are starting to hint at some recovery. First, the MACD histogram is getting weaker in bearish territory, suggesting that the downward pressure could be reducing.
Second, the RSI is approaching the 52 level from below after making a new peak in the previous days, allowing for further gains should buying interest increase going forward.
All things considered, Chiliz price prediction will depend on how the support holds and breaks resistance.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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