Time to Buy Chiliz (CHZ)? Analyst Sets Sights on $0.43

With a strong mix of optimistic technical signs and a recent breakout from a downtrend, Chiliz (CHZ), the digital money driving the sports fan engagement website Socios.com, is creating buzz in the crypto market.

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CHZ Primed For Growth

Reflecting a rising confidence among investors, CHZ has been on a consistent increase throughout the medium to long term. The way the token treats a significant resistance level of $0.16 accentuates this good attitude even more. A successful breach of this barrier could set off a buying frenzy that drives CHZ to far higher price points.

Fueling the flames, trading pattern trends show a positive tilt. More trading volume amid price rises points to strong underlying demand for CHZ. This demand, together with the technical breakthrough, gives one hope that CHZ will see a large price increase.

Renowned bitcoin specialist Alex Clay supports this perspective by pointing out a positive flag pattern on CHZโ€™s monthly chart. Often considered as a hint of major price fluctuations, this technical setup exactly corresponds with the recent breakthrough from the downtrend channel.

Clay has set various pricing targets; the first barrier is $0.2662, then the more ambitious second target is $0.4509. For Chiliz, the breaking out from the declining channel is a clear sign that the downtrend is ending and a fresh period of expansion is starting.

Technical elements together with favourable market mood present a somewhat hopeful picture for the future of the token.

Chiliz is currently trading at $0.14. Chart: TradingView

Optimistic Yet Cautious Outlook

For Chiliz, the near future seems promising; but, unanticipated price swings can happen and the currency may run across opposition at the specified pricing levels.

Though there are certain possible obstacles, Chilizโ€™s general future is clearly bright. Chiliz is positioned for a possible price increase with a strong technical basis, high investor confidence, and recent breakthrough from a downturn.

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High risk tolerance investors with a sharp eye on the sports fan engagement sector should monitor CHZโ€™s activities closely in the next weeks.

Featured image from Getty Images, chart from TradingView


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