The technical analysis suggests that Chiliz (CHZ) has performed quite well considering the overall market conditions since the past quarter. The YTD return for the sports engagement coin is down by -30.00% whereas its indirect competitors including Gala Network and Ejin Coin are almost down by 80%. This also suggests that CHZ has better price sustainability throughout the year till the time of writing.
On price action, CHZ is currently facing strong resistance above 0.382 FIB level while maintaining strong sustainability above 0.236 FIB level over the past month. One of the surprising takeaways amid bearish sentiment is that moving averages are strongly hinting at a positive momentum. MA-50 had a golden crossover against both MA-100 and MA-200.
The RSI level also recovered from the downfall as it was residing in the overbought region a couple of times before. But the level has maintained strong sustainability above 50 which suggests that positive sentiment is present for the coin.
With the fundamental aspects of Chiliz looking optimistic, the least we can expect from the coin is to have certain price sustainability amid volatile market conditions. The upcoming engagements events including FIFA World Cup and many other league championships can result in greater engagement within the whole ecosystem of Chiliz.
If considering investment opportunities, important price levels that can be considered are as follows:
Resistance: $0.24 and $0.26
Support: $0.17 and $0.15