Chiliz Continues To Trend Higher Amidst World Cup Fever; Is $0.4 Possible?
- CHZ’s price shows bullish signs as price breaks out above its range channel showing signs to rally high as FTX fiascos continue.
- CHZ’s price trades above $0.25 with the market’s current state, as things look uncertain for most traders and investors.
- CHZ’s price bounces from a low of $0.2 on the daily timeframe as the price aims for a rally to $0.4 above the 50 Exponential Moving Average (EMA)
The price action displayed by Chiliz (CHZ) in recent times has been encouraging, considering how close the world cup has come. After the FTX saga that has troubled the hearts of many traders and investors, the price of Chiliz (CHZ) has given many a reason to be hopeful. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. The fever of the world cup beckons on most traders and investors shifting their hearts from the recent downtrend in the market. (Data from Binance)
Chiliz (LTC) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
FTX news hugely impacted the price of CHZ, sending the price into a spiral movement to a region of $0.2 as the price bounced off this region with what looked like a temporary demand zone to hold off a big sell-off.
With the world cup fast approaching, the price of CHZ picked up being a fan and community token with so many expectations for this one.
The price of CHZ bounced off this region showing some great strength to a region of $0.25 as the price aims to break higher to $0.4. The price of CHZ needs to hold above $0.3 for more signs of relief toward $0.4.
Weekly resistance for the price of CHZ – $0.3.
Weekly support for the price of CHZ – $0.23.
Price Analysis Of CHZ On The Daily (1D) Chart
The price of CHZ remains considerably strong in the daily timeframe as the price trades above $0.23 support after bouncing off from the region of $0.2.
If the price of CHZ holds above $0.23, we could see more rallies for the CHZ price; with the world cup getting closer, this could be a catalyst for the price of CHZ.
Daily resistance for the CHZ price – $0.3-$0.4.
Daily support for the CHZ price – $0.24.
Featured Image From Premium Times, Charts From Tradingview
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