Chiliz was one of the most talked-about cryptocurrencies during the 2021 rally. It is a unique cryptocurrency that allows sports fans to have special experiences with their favorite teams. Although it is currently far from its peak, it is considered to be one of the strongest candidates for the next bull season. Let’s take a look at the 4-hour chart and price predictions.
Chiliz Analysis and Predictions on the 4-Hour Chart
On the 4-hour chart, Chiliz experienced a decline after news broke that it had reached an agreement with the US Department of Justice on November 21st. Prior to that, we can see that Chiliz had been moving within an ascending channel since October.
The price of CHZ started its movement from $0.054 and reached $0.086. Then, there was a decline and recovery, with the price reaching $0.080. The price dropped to $0.072, especially due to the impact of the Binance agreement. The price then entered a recovery phase.
The most important support levels to watch for CHZ are $0.07261, $0.06964, and $0.06739. If a four-hour bar closes below $0.07297, it could indicate that the price of CHZ may gain momentum again.
On the other hand, the most important resistance levels to watch for CHZ on the four-hour chart are $0.07444, $0.07670, and $0.08150. If a four-hour bar closes above $0.07670, it could indicate that the price of Chiliz may move towards $0.08 levels.
How High Can Chiliz Rise in a Rally?
According to CoinMarketCap data, the price of CHZ reached its all-time high in March 2021, reaching $0.8915. The price is currently trading at $0.074, which is 91.75% below its peak level.
Chiliz coin has the potential to surpass its previous peak levels in the event of a possible bull season. This is because it targets the sports sector, which interests billions of people worldwide. Considering its use case, Chiliz, which has agreements with leading sports clubs, can achieve significant increases.
Especially for Chiliz coin, which includes Fan Tokens, there is no reason why we should not see prices of $1 and above in the upcoming bull season. In this respect, it has the potential for a 10x or higher increase.
