Chiliz Price Prediction: Aiming for a 50% Gain in the Near Future

On Tuesday, after a 14% increase the day before, the price of Chiliz continues to rise.

Closes above 200-day exponential moving average at $0.075 and increasing open interest indicate a positive trend in the technical analysis of CHZ.

The bullish thesis would be rendered invalid if the daily candlestick closes below $0.067.
After a 14% increase the day before, the price of Chiliz (CHZ) is still trading in the green on Tuesday. There has been an infusion of new capital, as shown by the growing open interest in CHZ and the technical forecast, which predicts a further 40% increase.

A closing above $0.084 would put the Chiliz price on track for a 40% gain.
Chiliz price surged 14.76% on Monday, breaking and closing above the 200-day Exponential Moving Average (EMA) at $0.075. It is trading at a little over $0.081 as of this writing on Tuesday.

Retesting its 61.8% Fibonacci retracement (drawn from the May 30 high of $0.165 to the August 5 low of $0.043) at $0.118 would be possible if CHZ closes above the daily barrier at $0.084, which may extend the rally by 40%.

Another piece of evidence that supports the bullish argument is the growing Chiliz Open Interest (OI). The open interest in CHZ futures at exchanges reached a new high of $44.64 million on Tuesday, according to data from Coinglass, up from $28.67 million on Monday. This level of activity is not seen since October 31. When the money supply grows, it means more people are buying and selling in the market, which is good news for the bulls.

The bullish thesis will be rendered useless and the fall will continue till the retest of the November 15 low of 0.061 if CHZ is unable to rise above $0.084 and falls to close below $0.067.


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