Chiliz Analysis (CHZ) Wednesday, April 14
The price of Chiliz is currently trading above the $ 0.5 price level inside a continuous bull pattern known as the bull bullion (bullish). Such technical formation caused a jump in the market value of Chiliz and the creation of a flagpole pattern.
This process continued slowly, leading to the creation of a sloping, downward canal.
The decisive closing of the price above the upper border of the flag with the price of $ 0.523 announced the beginning of a 94% bullish (bullish) rally. By adding the height of the flagpole to the breaking point of the upper boundary, the $ 1.01 target is reached.
If traders can not restrain the Chilean uptrend, the currency could rise to the Fibonacci level of 127.2% at $ 1.61.
According to the IOMAP chart, it will not be easy to continue the uptrend because cows have a difficult path ahead of the currency traders.
Over 12,400 addresses bought 946 million Chiliz for $ 0.49 to $ 0.53. Everyone wants to sell. So any new trade in the short term may hit the opposite target because some investors want to lower prices.
Therefore, reversal by any of these price levels in this range may reduce the chill to support areas.
If sellers bring the price of Chiliz below $ 0.39, the downtrend will be key, as it indicates a move below the flag pattern.
If this scenario continues, Chiliz could initially drop 13% to $ 0.345, the first support level. Otherwise, the cryptocurrency will move to the level of 61.8% Fibonacci at $ 0.24.