The Chiliz price maintained a notable trend since the beginning overcoming multiple drawbacks and plunges. The rally began a year ago where-in the asset quickly jumped by more than 2000% in just a fortnight’s time. However, since then the asset initiated to plunge hard until it reached the lowermost levels around $0.000016. Yet the CHZ price is currently attempting constantly to flip from the support but failed. But with the current surge, the asset is expected to test and clear to undergo a gigantic rally ahead.
The CHZ price in recent times has displayed huge possibilities of undergoing a notable uptrend. Yet some of the crucial levels are required to be tested to maintain a notable uptrend. Therefore until and unless the asset accumulates notable gains, fewer possibilities of a flip may be expected in the near future.
The CHZ price in the higher time frame appears to be extremely bullish as it manifests the possibilities of gaining 20% initially and 40% later. The asset since the beginning of February flipped from the lower support twice, hence forming a double bottom pattern. Being a bullish pattern, the asset is expected to rise till the neckline which is 20% distinct from current levels. At the press time, the asset is consolidating which is a little worrisome as it is possessing a decisive phase.
Therefore, to maintain the uptrend towards the neckline, the Chiliz price is required to break through the current minor consolidation. And this would be when the asset may rise above to reach the neckline at $0.00002422. However, the pivotal zones reside at a 40% distinct from the neckline and a huge bullish momentum is required to slice through the neckline. Else if the CHZ price tests these levels with less strength, huge possibilities of a pullback may hinder the rally.
Written by: Sahana Vibhute