Chiliz (CHZ), which has been under bearish pressure for a while, is supported at $ 0.46. The swing movement above this support reveals a narrowing triangle pattern based on March 12th.
If the movement becomes sufficient in the near future, the rate of increase may be close to 44%.
The narrowing price on the descending triangle motif is likely to bring about a jump. When we take the vertical edge of this model from the peak level, there is a possibility of 44% increase for the triangle formed. With this leap that may come, the asset will rise to the level of $ 0.739.
CHZ Interest Grows
There are some situations that will be proponents of ascension. The number of addresses that keep CHZ assets in their wallets is quite high. Similarly, in the stock market withdrawal data, there has been a decrease by almost half in the last 1 month.
In addition, the low total supply contributes to the asset’s upward trend. This kind of movement has similar characteristics that we came across in the CHZ rally before.
Another activity that has seen an increase in the past days was seen in CHZ active addresses. This increase is an indication that there is an expectation for CHZ in the market and that a rise should come.
Although such data are on the rise, a bearish movement that may be brought on by the bears and impetuous liveliness should also be taken into account. Techniques and metrics predict an increase. However, the possibility of a reverse decline should be considered.
The breakout level required for the price is in the $ 0.60 band. Exceeding this level will pave the way for the asset to move to the $ 0.73 limit. In addition, if the decline is effective, it may come with a deep withdrawal from $ 0.424. This deepening price leads to a collapse close to 20% and may cause the price to drop to $ 0.36.