Chiliz Price Analysis: CHZ Bullish Outlook Holds Steady Despite Numerous Sell Signals
- Chiliz bounces off crucial support, renewing potential uptrend toward $1.
- The profit or loss ratio reveals that CZH is back into the buy zone.
- Chiliz transaction history highlights immense selling pressure ahead.
Chiliz teeters at $0.55 during the European trading session on Tuesday. The non-fungible token is up over 18% in the last 24 hours after bouncing off support at $0.44. Meanwhile, bulls focus on establishing higher support to validate the uptrend back to $0.85 and trade new all-time highs above $1.
Chiliz Technical Outlook Strengthens
Chiliz has rolled upward appreciably, considering the massive drop from $0.85. Support at $0.44 played a crucial role in stopping the losses and jumpstarting the upswing. The price has stepped above several hurdles, including the confluence formed by the 100 Simple Moving Average (SMA) and the 200 SMA on the four-hour chart.
Currently, CHZ battles to secure the confluence at the 38.2% Fibonacci level and the low of $0.368 and the 50 SMA. Settling above this area would allow bulls to focus on gains toward $0.85 and $1, respectively.
CHZ/USD Four-Hour Chart
It is worth mentioning that the Moving Average Convergence Divergence (MACD) indicator supports the uptrend. The indicator is very close to breaking into the positive region, which may trigger buy orders. Moreover, the MACD line crossing above the signal line means that the least resistance path is upward.
Looking at the Other Side of the Picture
Chiliz network growth has continued to decline over the last 30 days. From a high of 2,630 new addresses per day, only 703 were recorded on April 20, representing a 73.3% drop. The number of unique addresses illustrates user adoption and gauges whether the project is gaining or losing traction. Low or falling network growth is a bearish signal.
Chiliz New Addresses Chart
At the same time, the bearish outlook is emphasized by IntoTheBlock’s IOMAP model. The transaction history model reveals immense resistance between $0.557 and $0.574. Here, around 1,700 addresses previously purchased approximately 711.7 million CHZ. Trading above this zone would be extremely challenging and could hinder the uptrend.
Chiliz IOMAP Model
On the downside, Chiliz is sitting on weak support areas, as revealed by the IOMAP. However, the model brings our attention to the region running from $0.508 and $0.525. Here, nearly 2,700 addresses had previously bought roughly 172,000 CHZ. Losses will probably extend under this zone, marking the beginning of a downtrend back to $0.44.