This Chart Pattern Could Release Chiliz Price From Its Sideways Trend

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Published 31 minutes ago by
Brian Bollinger The Chiliz market continues to trend sideways under the influence from the megaphone pattern. The market’s selling pressure led to the local support of $0.18 being reached. However, the coin price plunged below that level. Anyhow, to escape this see-saw price action, coin holders must wait for a breakout from either divergence trendline.advertisementKey Points:A bullish reversal from $0.18 will set the CHZ price for a 17% jump
Bullish theses will be invalidated if a daily candle closes below $0.18
The 24-hour trading volume for the Chiliz coin was $916,2 million, which is 10.8% more than the previous year.
Source-TradingviewWhile the dates for the FIFA world cup were closing, the Chiliz price witnessed significant inflow because of its relation with Fan token through Socio. Source-TradingviewWhile the dates for the FIFA world cup were closing, the Chiliz price saw significant inflow due to its relationship with Socio’s Fan token. The crypto market in general continued to face selling pressure, and the coin price plunged 32% in three days. Trending StoriesThis plunge brought the prices down to $0.184-$0.18, continuing a sideways trend in Chiliz coins. This ongoing consolation is also governed by a megaphone pattern on the daily time frame chart. This continuation pattern should trigger an directional move once prices breach either of these trendlines. However, altcoin trades at $0.195 at the moment and shows a lower price rejection candle at $0.184-$0.18. The price could rise 17% to $0.2285 if there is a reversal. Technical IndicatorEMAs: the flattish EMAs(20, 50, 100, and 200) accentuate a sideways trend for CHZ price.advertisementVortex indicator: a bearish spread between the VI+ and VI- slope indicates the sellers are currently controlling the price action.Chiliz Intraday Price LevelsSpot price: $0.195
Trend: Bearish
Volatility is high
Resistance level: $0.228 and $0.255
Support level: $0.184-$0.18 or $0.153
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