Chiliz Price Prediction: Will CHZ Price Break the 6 Months High?

• 1 Chiliz price prediction says bullish momentum in the crypto will continue in 2024.
• 2 CHZ price holds the 50-day EMA and attempts to break out of the 200-day EMA.
• 3 Chiliz crypto price is trading near the 6-month high.

Chiliz price prediction says that bulls will dominate and the positive momentum will continue in 2024.

CHZ performed well in October and recovered approx. 59% from the YTD low. It shows the initial signs of the bullish trend reversal and creates hope for long-term investors.

Meanwhile, Chiliz price managed to climb above the 50-day EMA which boosted the confidence of the investors. Later, it began to rise upward by forming higher high candles and reached the supply zone near 6 month high.

At the same time, the buying volume in CHZ crypto also increased which shows big players are building long positions.

The recent rally in the Chiliz price looks powerful and supported by genuine buying. Therefore, the price is likely to hold the higher levels, and bulls will challenge the sellers in the supply zone.

At present, CHZ crypto price struggles to break the 200-day EMA which is acting as an immediate barrier. If buyers succeed, then the positional trend will also reverse upward and increase the possibility of hitting a new swing high.

Currently, Chiliz price is trading at $0.07681 with a decrease of about 0.95%. The 24-hour trading volume is down by 14.10%.

Will Chiliz Price Show Surprising Upmove?

Source: CHZ/USDT daily chart by Tradingview

Chiliz price prediction stays bullish for December 2023 and suggests that it may perform well in 2024 if certain conditions are met.

CHZ price is consolidating near the supply zone and buyers are successfully absorbing the selling pressure. It shows that bulls are more active as compared to bears. So, investors may look for buy-on-dip opportunities for generating nominal returns.

If the Chiliz price continues to consolidate for a few more weeks in a narrow range, then it will be an indication of the base formation which will increase the possibility of the $0.08500 breakout.

The analysis suggests that CHZ price is in buyers’ radar and one may see a surprising upmove in December.

CHZ Price Witnessed Minor Profit Booking

Source: CHZ/USDT weekly chart by Tradingview

CHZ price formed a bullish hammer candle on the weekly time frame chart. However, in the last week, the price witnessed minor profit booking and closed the week below the $0.08000 level.

The chart structure of CHZ crypto is mildly bullish in a daily time frame but still weak in a weekly time frame. So, it’s important for the buyers to break out of the $0.08500 hurdle and give the follow-up momentum.

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On a daily chart, the MACD curve lost momentum and displayed a negative crossover. The histogram bar forming red bars indicates mild bearishness.

However, the RSI at 55 denotes neutral territory and a balance between bullish and bearish positions.

Conclusion

Chiliz price prediction favors the bulls and suggests new swing highs are possible in the coming months. CHZ price is consolidating near the supply zone and buyers are trying to push the price above the 200-day EMA.

The analysis suggests bulls are active in CHZ crypto and likely to break out of 6-month high soon.

Technical Levels

• Resistance Levels: $0.08615 and $0.10367
• Support Levels: $0.07000 and $0.05346

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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