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
For Chiliz, the near future seems promising; but, unanticipated price swings can happen and the currency may run across opposition at the specified pricing levels.
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
Source: NewsBTC