Chiliz Flashes Bullish Signal, Aiming for Range Resistance
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Price Analysis – Chiliz Anticipate Fresh Run
Chiliz market is showing strong signs of a potential bullish reversal as a key trend indicator on the daily chart has flashed a buy signal. While the asset remains in a long-term consolidation range, this new development, supported by evidence of significant underlying accumulation. This suggests that Chiliz is preparing for a rally toward the upper boundary of its trading range.
Chiliz Key Levels
Support Levels: $0.0376, $0.0306
Resistance Levels: $0.0476, $0.0671
On the daily chart, Chiliz has been trading within a wide range for most of the year, building a strong base above the major support at 0.0306. The most significant recent development is a bullish flip in the Parabolic SAR indicator.
The SAR dots have just moved below the price candles, which is a classic technical signal for the beginning of a new uptrend. This bullish signal is powerfully supported by the Money Flow Index (MFI), which is at a very high reading of 72.81.
A high MFI indicates that there has been substantial buying pressure and capital inflow into the asset, often a sign of accumulation by smart money. This combination of a fresh trend signal and strong underlying money flow creates a compelling bullish case, with the primary target being the range resistance at 0.0476.
Market Expectation
The 4-hour chart currently shows the market in a short-term pullback. The Parabolic SAR on this timeframe is above the price, confirming that sellers have been in control of the immediate price action. This has driven the price down from its recent highs near 0.0430. However, this pullback should be viewed in the context of the stronger bullish signal on the daily chart. The Money Flow Index (MFI) on this 4-hour chart has fallen into the oversold region, with a reading of 19.47.
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