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Chiliz Price Prediction: Can Chiliz Break Out Bullish?

 


The Chiliz price is again on the threshold of a bullish breakout. Will the Chiliz price now break out bullishly or initiate a correction?


Chiliz course forecast: Chiliz soon on ATH?

The last Chiliz price forecast was already a month ago when we wrote: “In the weekly chart, the Chiliz price was able to overcome the 50-week EMA at around USD 0.2 and is now encountering significant Fibonacci resistance at the golden ratio at around $0.24. If Chiliz breaks this resistance, Chiliz could rally to around $0.42.


For a full bullish trend reversal, Chiliz price needs to break the golden ratio at around $0.63. However, significant Fib resistance is already waiting at the upper trend line of the parallel downward channel at around USD 0.42.


On the other hand, if Chiliz is rejected in a bearish manner, significant Fibonacci support awaits him at around USD 0.178 and USD 0.14. "


Chiliz price corrected to $0.178 and bounced sharply higher


Chiliz price received a bearish rejection at the golden ratio and corrected to the 200-day EMA at around $0.178. The Chiliz price was then rejected again bearishly at the golden ratio resistance at around USD 0.24, thus forming a lower high point. This is a bearish signal and the Chiliz could now correct to around USD 0.195 at the 0.382 Fib support. Should this support not hold, Chiliz could even correct up to the golden ratio at around USD 0.15.


In addition, the histogram of the MACDs is already beginning to tick bearishly lower. However, the MACD lines are still bullishly crossed and the RSI is neutral. In addition, the EMAs established a golden crossover in the daily chart, confirming the trend as bullish in the short to medium term.


The Chiliz price could now correct to around USD 0.195


Chiliz price chart by Tradingview

Also in the 4H chart, the EMAs are still bullish crossed over, which means that the trend remains bullish in the short term. The MACD, on the other hand, signals a correction in the short term, because the histogram is already ticking bearishly lower and the MACD lines are bearishly crossed.


In the short term, the Chiliz price could correct at least to around USD 0.195.


The Chiliz price is still in a parallel downward channel


Chiliz price chart by Tradingview

In the medium term, the Chiliz price is still in a parallel downward channel. The trend line resistance has not yet been touched and the important Fibonacci resistances at around USD 0.42 and USD 0.63 have not yet been touched.


In addition, the histogram of the MACDs is already starting to tick bearishly lower this week. However, the MACD lines are still bullishly crossed and the RSI is neutral.


If Chiliz breaks the golden ratio resistance at around USD 0.24, the Chiliz price could rise until the next Fib resistance at around USD 0.42.


There is still some resistance waiting for Chiliz


Chiliz price chart by Tradingview

That being said, the MACD histogram on the monthly chart is ticking bullishly higher for the third month in a row. Nevertheless, some resistance is now waiting for the Chiliz price before a bullish trend reversal can be initiated.


Horizontal resistance awaits around $0.28. In addition, there is significant resistance at the trend line of the parallel downward channel between the 0.382 Fib resistance at around USD 0.42 and the horizontal resistance at around USD 0.28.


Chiliz can only initiate a bullish trend reversal when the golden ratio has broken bullishly at around USD 0.63. Then Chiliz could return to the ATH or even surpass it.


Against BTC, Chiliz is on the verge of a bullish breakout


Chiliz price chart by Tradingview

Against BTC, the Chiliz is at the last golden ratio resistance at around 0.0000115 BTC before Chiliz could return to the ATH at around 0.0000168 BTC . On the other hand, if Chiliz is rejected in a bearish manner, significant supports await around 0.000008 BTC and 0.000006 BTC.


The MACD is bullish on the monthly chart and the RSI is gradually reaching overbought regions, but is giving neither bearish nor bullish signals.


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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