Chiliz Technical Analysis: Retail Investors Accumulate Hard, May Drive CHZ Price High Soon!

Key Takeaways:

• The Chiliz price closed the previous day’s trade at $0.25 with a market capitalization of $1.45 billion and a circulating supply of 6 billion CHZ
• The CHZ price received a huge boost ever since it hinted of the upcoming network upgrades which are intensified in the past couple of days
• The asset is further expected to surge by another 20% to accomplish the parabolic recovery and hit $0.3 very soon

Technical Analysis for August 2022

The Chiliz price was heavily stuck up within a deep bearish trend for a long time, but after the May crash, it began with a parabolic recovery. The platform received huge buying volume in the past couple of days which enabled an upswing of more than 40% in just 2 days. Currently, the price is facing a minor bearish action but soon may regain bullish momentum to rise high. 

The CHZ price is hovering slightly above the resistance at $0.24 from early trading hours, displaying the possibility of resuming an uptrend soon. While the monthly close is around the corner, the asset may soon absorb significant bullish momentum. Therefore, the asset may achieve levels above $0.3 by the end of August 2022.

Read more: Why is Chiliz[CHZ] Coin Price Rising Today?

Technical Analysis at a Glance

The Chiliz price after consolidating for a couple of days in early 2022, dropped hard to hit the lows. However, the asset is closer to regaining the lost levels as the trend is heavily ranging towards the north. The platform has accumulated enough buying pressure and hence the upward trajectory may continue despite the current barrier. 

Technical Indicators & Pivot Levels

Pivot Levels

While the entire crypto space is hung in between consolidation and fear of upcoming bearish trend, CHZ price is flashing huge buy signals. Most of the indicators are bullish in all the time frames and hence a significant upswing may be fast approaching. 

However, the main concern in the short-term is that the asset is highly volatile & hence can expect huge price variations. 

On the other hand, after reaching significant levels, the price is expected to lay down at a steady rally. Mainly due to the reason that the ATR displays less volatility in the higher time frame. The ADX is also extremely bullish which signals the upswing to prevail for a longer time ahead. 

ON CHAIN METRICS Analysis

• The Daily Active Addresses after the recent spike had spiked to mark the yearly highs at 1086.

Source: Santiment

• The supply on exchanges post the May crash has risen significantly to reach 2.85 billion from 2.7 billion during mid of May

Source: Santiment

• The Chiliz whales holding tokens more than 100K CHZ have been letting off their holdings while the retail investors accumulate 

Source: Santiment

Chiliz (CHZ) Technical Analysis for Short Term

Source: Tradingview

• The CHZ price has maintained an incremental approach within an ascending parallel channel, from the last week of July which intensified since the beginning of August trade.
• However, from a week, the platform has received huge buying volume that mounted enough pressure assisting the price to range high
• As the CHZ price reached the lower support within the channel, it quickly rebounded and by forming a couple of bullish flags, reached the upper resistance of the channel
• Presently, the asset is heavily consolidating just below the resistance, and a breakout from the current bullish flag, the price is expected to hit $0.28 very soon

Chiliz (CHZ) Technical Analysis for Long-Term

Source: Tradingview

• The CHZ price is undergoing a parabolic recovery that it began a couple of months ago after reaching the yearly highs
• The asset is closer to reach the neckline of the parabolic curve and currently facing a minor turbulence at the immediate resistance
• After an extreme upward movement, the bulls may now remain a little passive which appears to be only for a short time frame
• However, a breakout ahead may lead the price to surge beyond $0.3 initially and later test the crucial resistance at $0.33 to form new yearly highs

Where & How to Buy Chiliz(CHZ)?

Chiliz, one of the popular NFTs, can be purchased easily on CoinDCX, India’s most valued crypto investment app. 

Here you can explore attractive products like Crypto Investment Plan, which enables you to invest in weekly installments and CoinDCX Earn, which allows you to make crypto passive earnings from your idle crypto investments. 

Therefore, download the CoinDCX App on your smartphone and register now!

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