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- Chiliz price has traded for six weeks in the mid-$0.130 zone.
- $CHZ may be setting up for a retest of last month’s high at $0.178.
- Invalidation of the bullish outlook would arise from a $0.017 swing point tag.
Chiliz price has spent several weeks consolidating near $0.13 after a massive influx of buying pressure witnessed in January. The technicals suggest bulls still have a shot at tagging higher targets.
Chillz price is building a cause
Chiliz price continues to consolidate while showing optimistic gestures. When analyzing the Volume Indicator, a clear tapering pattern has been carried on over the last six weeks. The reduced transactions come after the massive influx of a $1.26 billion dollar trading week when $CHZ rallied 26% between January 9 and January 14.
Chiliz price currently auctions at $0.134. The volume taper being produced may hint that smart money bulls are holding on to their initial long positions while utilizing the last six weeks to dollar cost average a second position. A Fibonacci Retracement tool surrounding the year-to-date low and highs at $0.090 and $0.170, respectively, show the current trading range as a 50% retracement, an ideal territory where downtrend corrections find a floor.
Combining these factors, the $CHZ price stands a fair chance of continuing north. A conservative target zone would be a retest of the February high at $0.178, creating the potential for a 33% increase from Chiliz current market value.
$CHZ/USDT 1-Week Chart
Still, traders should remember that the consolidation could expand to the downside and fill in the gaps within the Golden Pocket 61.8 FIbonacci zone near $0.123. Therefore, a breach of the $0.117 level would be needed to void the bullish potential, as it would invalidate the impulsive wave structure for $CHZ established on January 1. If the breach occurs, traders can expect a decline targeting the YTD low at $0.098, resulting in a 26% decrease from the current Chiliz price today.
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