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Chiliz is the first sports-based cryptocurrency that was launched in 2018, by the first blockchain-based sports engagement platform. Fans can use CHZ as a token to participate and vote in club-focused surveys and polls. Let us look at the technical analysis of CHZ.
Past Performance
On July 01, 2021, CHZ started trading at $0.25. As of July 07, 2021, the closing price of CHZ was $0.25. Thus, in the past week, the CHZ price has been very less volatile. In the last 24 hours, CHZ has traded between $0.25 – $0.28.
https://www.tradingview.com/x/n2eDmPav/
Day Ahead And Tomorrow
Currently, CHZ is trading at $0.26. The price has shown some bearish signs as it has slightly from the opening price of $0.28. Therefore, we can see that the selling pressure is high.
Moreover, the MACD and signal lines are still in the negative zone. But, a bullish crossover by the signal line over the MACD line has occurred, below the zero range. Thus, indicating that the overall market momentum is bullish, and then, we can expect a price to rise for the day.
However, both the lines are close to the zero lines and may change signs soon. If selling pressure takes over the buying pressure we might witness a clear breakout on the downside for CHZ.
The RSI indicator is at 51.78%, which has acted as strong resistance in the past. Though, it has rallied from the 42% mark and has made it as support by testing it twice. Thus, it indicates that the buying pressures are increasing in the market. Hence, we can expect the price to rise after some time.
CHZ Technical Analysis
The price has tested and fallen below the Fibonacci pivot point of $0.30. As the indicators have shown bullish signals, we can expect the price to rise, and test the first Fibonacci pivot resistance level of $0.36 soon. Traders can go long from this position by keeping a stop loss at $0.22.
The price has tested and made the support level at FIB retracement level of $0.22. If the price falls below the 23.5% FIB extension level of $0.22 in some time, this implies that the price downtrend is strong. In that case, traders can go short with a target of $0.16 and keep a stop loss at $0.30.