CHZ (Chiliz) Coin Analysis


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• Trend Analysis: It was trading within a long-term falling channel. However, it has recently broken out at a point close to the upper band of the falling channel.


• Formation: The channel formation is broken and indicates the possibility of a strong upward movement. Such breaks generally bring acceleration.


• Target Price: An upward move could lead to a test of previous highs (0.56 USD). This level is a clear resistance zone.



Support and Resistance Levels:



• Support Levels:


• 0.10 USD: First strong support level after the breakout.


• 0.07 USD: An important base that can be tested in pullbacks.


• Resistance Levels:


• 0.16 USD: First target level.


• 0.35-0.56 USD: Gradual resistance zones. Especially 0.56 USD will be an important resistance.



Indicators:



• RSI (Relative Strength Index): It appears to be approaching the overbought region, indicating that the price may make a correction in the short term.


• MACD: Signals positive divergence, momentum is bullish.


• Volume: Increasing volume during the breakout may be confirmation of an upward move.



Trend Direction:



• The trend after the breakout is upward. However, a stronger uptrend can be expected in the medium term if the 0.16 USD resistance is overcome.



Strategically:



1. Confirm Breakout: It can be considered for purchase if it makes daily closings above 0.12-0.13 USD level.


2. Goal Setting:


• First target is 0.16 USD, second target is 0.35 USD.


• For longer term investors, the 0.56 USD level can be considered.


3. Stop Loss: Position can be exited at daily closings below 0.10 USD.


4. Take Profit: Partial profit taking at 0.16 USD level, strategy update can be made according to the resistance zone.



Clear and Detailed Comment:



• Chiliz maintains its long-term potential as a blockchain ecosystem focused on sports and entertainment. While current price movements give positive signals in technical terms, general market conditions and BTC volatility should be closely monitored.


• Especially having a strong partnership network like Socios can increase confidence in the project in the long term. However, in short-term movements, the possibility of correction should not be forgotten due to the RSI being in the overbought region.