The crypto industry continues to display significant price volatility in its valuation. Further, the mid-cap altcoins have experienced a positive uptrend, indicating a switch of interest among investors.
On the other hand, Chiliz price has added over 18% in valuation, making it the top gainer in the market for the day.
The Chiliz price traded in a narrow space between $0.08317 and $0.08756 for a period, following which the market gained momentum and the price broke out of the resistance level. However, the rally was short-lived as the price faced rejection at $0.09440.
Following this, the coin traded in a closed range between $0.08756 and $0.09440 for over a week. The bulls tried to hold the price above the support level, but the bears overpowered the bulls, resulting in a price breakdown. The CHZ coin recorded a loss of over 25% in the next two days.
After trading sideways for a while, the bulls regained momentum and jumped over 8% in valuation, following which the price faced restriction. The Chiliz price then traded in a narrow space between $0.08317 and $0.08756 for a while.
Recently, the bulls successfully broke out of the range and recorded a jump of approximately, after which the price faced rejection at $0.10883. Since then, the price has been trading in a closed range between $0.10327 and $0.10883 and is expected to test its resistance level soon, of which the outcome is unpredictable.
Will CHZ Price Go Up?
The technical indicator, MACD, displays a decline in the histogram, suggesting a reduced buying pressure in the market. Moreover, the averages show a constant rise in the chart, highlighting a mixed sentiment in the price action.
If the bulls push the price above the resistance level of $0.1088, the CHZ price will regain momentum and test its upper resistance level of $0.115 soon. Maintaining the price at that level will set the stage for the Chiliz token to attempt to test its resistance level of $0.125 by the week ahead.
Conversely, if a trend reversal occurs, the CHZ bulls will lose momentum and fall to test its support level of $0.1032. Further, if the bears continue to overpower the bulls, the Chiliz price will further plunge and prepare to test its lower support level of $0.0944 in the coming time.
