Thursday, December 2

The Chiliz (CHZ) token shows a very bullish technical scenario

In the midst of one of the biggest speculative fevers for NFTs and everything that can be seen involved in the Metaverse, several tokens are coming out quite benefited. The Chiliz (CHZ) token is one of those, and today we will be looking at it to see where it is headed.

At the time of this writing, CHZ is trading at $ 0.5538, accumulating a gain of 1.96% in the last 24 hours and 17.64% in the last 7 days.

Its market capitalization is $ 3,282 million, thus ranking 57th in the Crypto Online ranking.

During the current year, the team behind Chiliz has achieved significant partnerships with various blockchain companies, sports leagues, professional players, and teams.

In addition, the application has been gaining more and more traction as the name is advertised on different player jerseys, and advertisements in highly popular stadiums.

What this app allows is that users can interact with their favorite players and teams, through various limited edition non-fungible tokens. All this works through the page, a website dedicated to fans.

Chiliz token price technical analysis

In the weekly chart CHZ vs USDT we see how the price has been progressively rising since the end of September, thus developing a momentum of the medium-term trend.

This rise also means the resumption of a long-term trend, which made a pullback while the entire crypto market did. In this process the price was locked in a bullish pennant; now we see that this figure has already been traversed, so we could expect a much larger rebound next.

Currently, the Chiliz token price is being hampered by resistance at $ 0.54. This may well be the starting point for a small correction before moving up further.

At the moment there are not many signs that a pullback is going to start anytime soon. We will be analyzing this in more detail in the next few paragraphs.

Chiliz token technical analysis.  Source: TradingView.
Chiliz token technical analysis. Source: TradingView.

CHZ vs USDT daily chart

In the daily candle chart we also see how the price has just broken a bullish pennant, but much smaller.

Now the Chiliz token is being hampered by a fairly wide supply zone, and while it may halt the bullish momentum altogether in the near term, there is no confirmation yet that this is going to be the case.

To think that a relevant pullback is going to occur, the support at $ 0.47 must be crossed. Even if this is the case, the dominant bullish force could quickly put a stop to selling.

All our publications are informative in nature, so in no case should they be followed as investment advice.

Leave a Reply

Your email address will not be published. Required fields are marked *