Chiliz was among the altcoins that broke the ATH level with a 50 percent rise last week. The popular altcoin, which started to be listed on Binance in September 2019, quickly passed its highest value of $ 0.02 in a year. It continues its rise this week without a break.

 

Chiliz, which has accomplished extremely successful works with its mission to tokenize the sports and entertainment industry, continues its rise by distinguishing itself from the market positively with the strength it receives from this sector. The company has achieved a significant gain due to the demand for the CHZ token, as the project has its own platform and successfully manages the tokenization of the world’s leading sports clubs.

The CHZ / USDT has been rising without correction for the past week and the bullish momentum has gained momentum. So how far does the Chiliz rise continue? Where are the possible support levels on the uptrend? Let’s examine them.

CHZ / USDT daily outlook

CHZ is in an uptrend. The first half of December took a short break and then started to rise again rapidly in the second half. If we look at the trend based on the last period; On the daily chart, the closest support level appears to be $ 0.02632 relative to the Fibonacci retracement levels. Below this level, we can follow the support prices as 0.02367, 0.02153 and 0.01940, respectively.

The stochastic RSI on the daily CHZ / USDT chart is at the top of the overbought zone. Likewise, the MACD DEMA indicator indicates overbought conditions. However, heavy demand for the token may override these indicators for the time being. In addition, a shift of the stochastic RSI below 80 per log may increase the probability of a correction. Confirmation can be obtained from the MACD DEMA indicator crossing into negative territory along with the stoch RSI in a possible sell move.

CHZ / USDT short term outlook

If we take a closer look at the Chiliz chart on the 3-hour chart, it can be seen that today some sales came from the peak level of 0.030446. These sales, which lasted up to the $ 0.027 band, show that the bottom buy is still intense. If the $ 0.030 band is broken, it reveals the possibility of an upward trend of up to $ 0.032 today.

However, in the 3-hour period, the stochastic RSI is pointing south, showing a bullish contradiction. In this case, if the last peak 0.030446 does not break with the 3-hour candle, there is a possibility that a correction will come from these points. Accordingly, the range of 0.02824 – 0.026876 can work as an important support area in order not to deepen the correction in the short term.

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