The Chiliz price has been on a steady upward trajectory over the past few weeks, with prices jumping by over 50% in recent days leading up to the start of the FIFA World Cup. Analysts believe that this bullish momentum is due to increased investor interest in the fan token, which allows users to acquire voting and rewards rights within the Chiliz blockchain ecosystem. Chiliz is trading at $0.229, with a trading volume of $882,596,474.24.
Chiliz weekly chart,source:Coinmarketcap
Chiliz price change in the last few days is vigorous as more fans get interested in the token. Analysts believe that this momentum is a sign of increased investor confidence, as investors look to capitalize on the growing popularity of the token ahead of the FIFA World Cup. At the time of writing, the trading volume for Chiliz has increased by 83.84%, showing that investors are buying up the token in anticipation of a breakout.
The Fibonacci retracement levels from the all-time high suggest that Chiliz could be ready for another breakout, with prices likely to break above $0.2950 in the near future.
Chiliz Technical Analysis: Further Uptrend likely?
Looking at the technical charts, Chiliz appears to be on track for a breakout in the near future. Prices are currently consolidating above $0.2950, which is a key support level. A break above this resistance could see prices surge higher towards $0.3600 and possibly higher over the long term. To capitalize on this trend, investors should look to buy Chiliz at current prices while keeping a close eye on the key resistance level. However, if prices fail to break above $0.2950, it could signal that further consolidation is needed before an upward move can resume.
A breakdown from the critical support level at $0.1976 could see Chiliz falling toward three-month lows. Nevertheless, the key level to watch is $0.2950, as a sustained break above this mark could see prices surge higher over the long term. Chiliz price is however above the 200-day moving average and other technical indicators are also showing bullish signals.
CHZ/USD weekly chart,source:TradingView
The Relative Strength Index(RSI) and Moving Average Convergence/Divergence (MACD) are both in positive territory, indicating that a further rally may be imminent. Other technical indicators such as Bollinger Bands and the Ichimoku Cloud are also showing a bullish trend, confirming that investors should be looking to buy now in anticipation of a sustained upward move in prices.
Overall, Chiliz price appears poised for further gains over the coming weeks as the race to acquire blockchain-based fan tokens heats up.Additonally, Fan tokens of different countries are soon to be listed on the BitMart exchange.
