Chiliz Expands 65% from 2022 lows, CHZ May Rally to $0.28
Table of contents
Past Performance
Chiliz buyers are firmly in the driving seat, rising eight percent in the past 24 hours versus the USDT. At the same time, CHZ is up double digits in the previous trading week, rallying 13 percent in a bullish breakout pattern above a multi-week resistance trend line and wedge. As per the Chiliz price action formation in the daily chart, buyers are in control. Accordingly, every low may offer entries for optimistic traders.
Chiliz Technical Analysis
After the Bollinger Band squeeze formation, CHZ is rallying, adding 65 percent from 2022 lows at spot rates. Because of the bulls surge, CHZ is at a three-week high, retesting March 2022 highs when writing. The breakout with rising trading volumes and bull bars banding along the upper BB indicates demand.
As a result, aggressive traders may find loading opportunities above $0.21. The immediate resistance target would be $0.28 and $0.33—key reaction points in the medium term. If bears flow back below $0.21, CHZ may drop to $0.18 and $0.16.
What to Expect of CHZ
NFTs in sports already command billions in market cap, and Chiliz is one of the top brands. After sharp losses from Q4 2021, CHZ may print higher in a relieving recovery towards Q1 2022 highs.