Chiliz [CHZ] holders could witness some gains but here’s the caveat

  • CHZ faces a major ceiling at $0.27
  • Short- and long-term CHZ holders have booked gains

Chiliz [CHZ] posted gains as most altcoins slumped after the market crash. The each day chart of CHZ was bullish after a patterned breakout. At the time of writing, the token was buying and selling at $0.2482. However, the important ceiling at $0.2725 could undermine its restoration. Furthermore, if the bulls break this ceiling, they could goal the 100% Fib retracement degree at $0.2973. 

Read Chiliz [CHZ] price prediction 2023-2024

Pattern breakout; can the bulls proceed the rally?

Source: TradingView

After a current correction, CHZ pumped and focused its current ATH of $0.29. However, $0.2725 was a key ceiling in October and November. However, at press time, the Relative Strength Index (RSI) stood above the impartial 50 degree at 55.59. This confirmed that the each day chart was general bullish. Furthermore, the Chaikin Money Flow (CMF) stood above zero, highlighting that the bulls had been in management at the time of writing.  

Therefore, there stood the chance of bulls shifting previous the $0.2725 degree and concentrating on $0.2973 in the coming days, making gains in the course of. However, a each day shut under $0.2390 would invalidate the bullish concept.

Therefore, a reversal could probably discover assist between 50% and 38.2% Fib retracements. Thus, sellers can reap the benefits of these ranges to lock in earnings if CHZ witnesses a drop under $0.2973. 

Long-term CHZ holders get pleasure from earnings

Source: Sanatiment

According to knowledge from Santiment, the 30-day and 365-day Market Value to Realized  Value (MVRV) made their approach to the constructive territory. This confirmed that each short- and long-term CHZ holders loved gains, regardless of the ongoing FUD that crippled the cryptocurrency market. 

Furthermore, at the time of writing, there was a slight shift in the weighted sentiment and CHZ moved to a constructive territory. The constructive sentiment was additionally mirrored in the derivatives market, as CHZ noticed a constructive funding fee on the Binance change. 

This meant that the outlook on the derivatives markets was constructive for CHZ. In most circumstances, the sentiment on the spot and derivatives markets regarded related.  

Source: Santiment

Therefore, traders ought to carefully monitor CHZ sentiment and metrics in the coming days.

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About the Author: Daniel