- Chiliz (CHZ) price has been trading in a descending trend line since mid-March
- The interest in Chiliz coin as well as the company’s fan tokens has grown tremendously in 2021
Chiliz (CHZ) is rising back after massive declines to lows of $0.3658. It has been trading in a descending trend line after attaining all-time highs at $0.97 on March 12. After recording some gains on Wednesday, the sports fan token is presently attempting to close bullish for the second consecutive day.
Chiliz is a token designed to allow fans to support their favorite sports teams through blockchain-based interactions. Chiliz has a current market cap of $2.64 billion with a circulating supply of 5.58 billion tokens. Since the start of the year, the native CHZ has soared more than 2100% to a current price of $0.48.
The interest in Chiliz coin and its fan token CHZ has grown tremendously in 2021, boosting Chiliz price. Alexandre Dreyfus, CEO of Chilliz, took to Twitter and highlighted that the last 24-hour trading volume hit new ATH that counts $600m.
New All-Time High with more than $600M traded last 24 hours of the @chiliz & @socios Fan Tokens. The more we onboard teams, the more we onboard users, the more this ecosystem will grow. Crypto mainstream will be led by sports initiatives like ours.
— Alexandre Dreyfus (@alex_dreyfus) April 7, 2021
Chiliz price daily chart: Ranging
Chiliz price gains have come following the strong bearish decline since March 12. Chiliz is attempting to breakout higher, but the descending trendline resistance at $0.53 is capping upside action. The overall trend in CHZ/USD remains flat with no major bias building up. The RSI just at the Mid 50 reading suggests possible consolidation.
Chiliz price action is caught within the $0.53 level of resistance and the $0.3648 level of support. The current rebound also coincides with the breakout from the minor ascending trend line on April 7.
If buyers hold price above the $0.53 level, the CHZ/USD pair faces strong daily technical resistance from the $0.72 level following the rejection at these levels on two counts. An extended rally could see Chiliz trading above the March 12 all-time high of $0.97.
Conversely, a pullback could see CHZ testing April’s consolidative support at $0.42. Further declines would meet support at the ascending trendline at $0.3648 ahead of the MA 50 ($0.3445). The MA 50 support is likely to put a lid on the CHZ/USD taking on more losses.
- Supply Levels: $0.97, $0.78, $0.63
- Demand Levels: $0.42, $0.32, $0.22
To summarize, CHZ/USD remains range-bound, but if Chiliz manages to sustain a break above the $0.53 level, this will be invalid.