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- Chiliz price is drawing a head and shoulders pattern on the weekly time frame.
- On the weekly chart, the 20-day moving average acted as a key support level.
- The market cap of the Chiliz token has increased by 6.42% to $1.62 billion in the last 24 hours.
Chiliz price is expected to surge for three consecutive bullish weekends. On October 21, the price of CHZ broke through a sliding resistance line. The breakthrough continued, reaching a high of $0.2810 on November 5. During this time, CHZ broke through the $0.22 resistance level and is now looking to break through the $0.24 level.
Chiliz Price Prediction on Weekly Chart
In the weekly price chart, amid roller-coaster ride Chiliz price action formed the head and shoulder pattern. As of now, CHZ price stands at break even point and anytime price may break out of the key resistance zone. Buyers are aggressive this week also and drawing a third strong bullish weekly candle.
Against the USDT pair, CHZ price is trading at $0.2708 mark at the time of writing. Today, crypto seems to be slightly bullish by 0.56%. The market cap of CHZ token is up 6.42% at $1.62 Billion in the last 24 hours. Moreover, crypto price concerning the bitcoin pair is up 5.6% at 0.00001269 satoshis.
Chiliz Price Prediction Daily Price Chart
In terms of the daily price scale, the CHZ is forming a double bottom formation when the price is trading above the all-important moving average. However, the price stands at the supply zone (gray box).
Trading volume looks good for a bullish breakout. Thus last night it rose 48% to $675.3 million. Turning the point towards the RSI, its peak is approaching the overbought zone.
Conclusion
Chiliz price is approaching a key resistance area for the end of the week. The bulls are waiting for the weekly close and the upcoming weekly price opening will decide the directional trend. From the price action side, Chiliz is forming a strong bullish structure.
Support level – $0.20 and $0.10
Resistance level – $0.28 and $0.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
