As the FIFA World Cup Qatar 2022 draws near, some sporting and entertainment cryptocurrency like Chiliz has witnessed a notable gain over the past few days. Others are yet to gain momentum as Bitcoin stays above $16k.
While major altcoins are still trading around their monthly low, Chiliz has bounced back and appeared to have resumed bullish on the 4-hour chart. The bullish rally was activated after it found solid support at $0.15 last week.
It further hoisted weekly support at $0.18 and increased exponentially after breaking through the $0.235 resistance level. The higher high and higher low formation is currently captured in a channel pattern as the price eyes the monthly high of $0.296.
Meanwhile, it’s essential to keep in mind a potential retracement movement (which could be underway) as the price nears the channel’s resistance. Currently, the price is still looking strong.
Should the bulls fail to take a break and the price surpasses the current monthly high, a massive rally could send the coins to a higher price level. In the opposite direction, a strong rejection of this resistance would trigger a decrease, which might lead to a meltdown.
Chiliz remains the leading digital currency for sports and entertainment, with a market cap of $1.63 billion. It is trading around $0.266 at press time.
Chiliz Price Analysis (CHZUSDT): 4-Hour Chart
The price is currently targeting the $0.28 and $0.293 resistance levels. A surge above these mentioned levels could push new highs to around $0.33 and $0.35 in no time.
In case of a retracement, the current break level of $0.235 is where to expect the price to retest as support before it bounces back. Although there’s hourly support at $0.248 along the way. The $0.21 support level will be the next target if this support fails to contain selling pressure. The $0.18 level remains the weekly support for CHZ.
Key Resistance Levels: $0.28, $0.293, $0.33
Key Support Levels: $0.235, $0.21, $0.18
- Spot Price: $0.26
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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