The Chiliz (CHZ) price confirmed its upward movement with a breakout from its descending resistance line. The rate of increase could accelerate in the short-term.
The CHZ price decreased underneath a descending resistance line since reaching a high of $0.28 on Sept. 23. The decrease led to a minimum price of $0.16 on Oct. 13.
The price bounced immediately afterward, creating a long lower wick (green icon) and validating the 0.618 Fib retracement support level (white).
On Oct. 21, the Chiliz price broke out from the descending resistance line. The breakout is still ongoing and has led to a high of $0.25 on Nov. 3. During this period, CHZ broke out above the $0.22 resistance area and is attempting to move above the 0.618 Fib resistance at $0.24.
The legitimacy of the breakout is supported by the daily RSI. The indicator has broken out from its bearish divergence trend line (green line) and is above 50.
As a result, the most likely Chiliz price prediction is a validation of the $0.22 area as support followed by the continuation of the upward movement.
CHZ Price Prediction: 100% Increase in Store?
Aligning with the price action, the wave count is also bullish. Due to the structure and the bullish readings outlined above, the CHZ price seems to be in wave three of a long-term five-wave upward movement (white). The sub-wave count is given in black, also indicating that the Chiliz price is in sub-wave three.
Giving waves one and three a 1:1 ratio would lead to a high of $0.35. If wave three extends and reaches the 1.61 ratio, this could lead to a high of $0.46.
Therefore, the technical analysis readings from both indicators and the wave count are bullish.
Conversely, a decrease below the sub-wave one high of $0.19 (red line) would invalidate this bullish CHZ price prediction.
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