While many cryptocurrencies like BTC and Ethereum are bearish, Chiliz is extremely bullish. Is Chiliz Price Reaching ATH?
Chiliz price is in a descending parallel channel
Chiliz (CHZ) price dropped from around $0.95 to around $0.081 and has been in a descending parallel channel ever since. But since last month, the price of Chiliz has increased significantly and especially this month, the price of CHZ may increase even more. Additionally, the MACD histogram has been in a bullish trend since last month. During this time, the RSI is neutral and does not give any bullish or bearish signals.
For a complete reversal of the uptrend, CHZ token price needs to break the golden ratio at around $0.63. However, significant Fibonacci resistance is already waiting at the upper trend line of the descending channel at around $0.42.
Chiliz price is now facing Fibonacci resistance
On the weekly chart, Chiliz price managed to break above the 50-week EMA at around $0.2 and is now encountering significant Fibonacci resistance at the golden ratio at around $0.24. If Chiliz breaks this resistance, the token could rise to around $0.42.
On the other hand, if Chiliz cryptocurrency bounces lower, there is strong Fibonacci support waiting for it around $0.178 and $0.14. In addition, the MACD on the weekly chart is clearly bullish, as the histogram has been in a bullish trend for several weeks, and the MACD lines are also moving upwards. RSI is neutral.
Chiliz: towards a bullish signal from moving averages
Also on the daily chart, the MACD histogram is bullish and the MACD lines are crossed to the upside. In addition, EMAs could establish a golden cross (rising cross), which would confirm a bullish trend in the short and medium term.
However, the RSI may develop a bearish divergence, after which Chiliz price may correct sharply. A buy signal on Chiliz therefore remains to be confirmed and will only be valid for a short period of time.
Is Chiliz price rising to ATH on BTC chart?
Against Bitcoin BTC, Chiliz price is sitting at key Fibonacci resistance at around 0.0000115 BTC. If Chiliz breaks this resistance, it could climb to an ATH at around 0.0000168 BTC or even set a new ATH.
In addition, the MACD histogram on the monthly chart is up for the third month in a row, and the MACD lines could cross to the upside.
If Chiliz is rejected in a bearish fashion now, it will find significant Fib support around 0.00000795 BTC and 0.000006 BTC at the latest.
