Swing Trade of the week: Buy Chiliz at these levels!

1 month ago 31834

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Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily.

Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. Once price breaks below support, it can move lower to the next support level.

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Chiliz Crypto Price Target

Price: $0.073819
Market Cap: $672,378,889
24H Volume: $414,979,850
24H Low/High: $0.065196 / $0.076925
Circulating Supply: 9,121,824,867 CHZ

Price had a breakout from Falling Wedge pattern, which signaled a bullish trend reversal. It reached our target of $0.07 for +20% gain. It also made a Higher High and Higher Low, which is also a sign of an Uptrend. Now we look for the right entry opportunity in Uptrend.

We wait for price to either

1) break above $0.07 to signal continuation of uptrend, with +15% upside potential to $0.08 next, or

2) pull back near $0.055 support area for a swing trade entry, with +20% potential gain back to $0.07 again.

Weekly Performance

7-Day Price Change: +25.53%
Week’s Opening Price: $0.0588
Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $0.055, then $0.043. Nearest Resistance Zone is $0.08.

Technical Indicators

For traders and investors monitoring technical trends, here are the key indicators for Chiliz:

Relative Strength Index (RSI): Currently sitting at 64, nearing the overbought zone, which suggests continued bullish sentiment but with potential for a pullback.
Moving Average Convergence Divergence (MACD): Shows a positive divergence, indicating bullish momentum.
Bollinger Bands: Chiliz price has broken through the upper Bollinger Band, reflecting the recent surge in price and volatility.

Chiliz News Roundup

Chiliz is making headlines due to an issue on ChilizX, its platform for trading fan tokens. Despite this, the token’s value surged over the week.
Partnerships in the sports and entertainment sector continue to boost Chiliz’s utility as the go-to token for fan engagement through the Socios.com platform.

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