Chiliz CHZ price has surged exorbitantly since the sell-off witnessed in April. Now, CHZ price is coiling up, preparing for blast-off.
On the 6-hour CHZ/USD chart, Chiliz shows that it is undergoing a price correction after rallying nearly 30% since April 28. After bouncing from the support level at a price of $0.519, CHZ price looks to breakout out of this consolidation and head higher.
A sudden spike in buying pressure will most likely push CHZ price toward the supply barrier that stretches from a price of $0.594 to $0.645. This area of resistance level has rejected CHZ thrice from surging higher, depleting the sellers present here.
Therefore, if bid orders pile up, the upcoming CHZ surge will flip the said zone into a support level. Under these circumstances, CHZ price will have a path of resistance support to retest a pre-crash level at $0.746.
In total, Chiliz's CHZ price could potentially surge 35% in the near future.
On the flip side, if buyers fail to slice through the said zone, another correction might ensue toward the support at a price of $0.510.
A breakdown of the cluster of 50, 100 and 200 Simple Moving Averages present between the price of $0.517 and $0.495 will invalidate the bullish outlook.
If investors begin to panic sell here, then the demand zone that extends from price $0.453 to $0.477 will be tested.
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