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With a strong mix of optimistic technical signs and a recent breakout from a downtrend, Chiliz (CHZ), the digital money driving the sports fan engagement website Socios.com, is creating buzz in the crypto market.
CHZ Primed For Growth
Reflecting a rising confidence among investors, CHZ has been on a consistent increase throughout the medium to long term. The way the token treats a significant resistance level of $0.16 accentuates this good attitude even more. A successful breach of this barrier could set off a buying frenzy that drives CHZ to far higher price points.
Fueling the flames, trading pattern trends show a positive tilt. More trading volume amid price rises points to strong underlying demand for CHZ. This demand, together with the technical breakthrough, gives one hope that CHZ will see a large price increase.
Renowned bitcoin specialist Alex Clay supports this perspective by pointing out a positive flag pattern on CHZ’s monthly chart. Often considered as a hint of major price fluctuations, this technical setup exactly corresponds with the recent breakthrough from the downtrend channel.
#CHILIZ Monthly Timeframe
Re-Accumulation below the top of descending channel in the form of Bullish Flag💁♂️
Now breaking out of this massive descending channel👀
Send it✈️
🎯1st Target – 0.26620$
🎯2nd Target – 0.43090$#CHZ $CHZ pic.twitter.com/nugbkBCNNQ— Alex Clay (@cryptclay) June 1, 2024
Clay has set various pricing targets; the first barrier is $0.2662, then the more ambitious second target is $0.4509. For Chiliz, the breaking out from the declining channel is a clear sign that the downtrend is ending and a fresh period of expansion is starting.
Technical elements together with favourable market mood present a somewhat hopeful picture for the future of the token.
Optimistic Yet Cautious Outlook
Though there are certain possible obstacles, Chiliz’s general future is clearly bright. Chiliz is positioned for a possible price increase with a strong technical basis, high investor confidence, and recent breakthrough from a downturn.
High risk tolerance investors with a sharp eye on the sports fan engagement sector should monitor CHZ’s activities closely in the next weeks.
Featured image from Getty Images, chart from TradingView