Here’s What Enthusiasts should Expect from Chiliz’s Cup &Handle Setup
Chiliz presents itself as a cryptocurrency and blockchain platform that enhances sports coin mining. The project’s native token, CHZ, has seen significant growth during the 2021 first half, peaking near $0.83 amid April sessions. Forward one year, and the altcoin value is a 3rd of its all-time high.
While writing this content, CHZ changed its hands near $0.25, a slight improvement from the 2022 lows of 40.14. Nevertheless, the altcoin stayed on a massive discount from the ATHs, but such narratives may not take long. Chiliz’s price movements since the year started display the alt traded inside a cup and handle setup.
Price Direction amid Cup & Handle Pattern
The cup & handle setup often means a bullish signal for a crypto token, especially after the asset forms the handle part. CHZ saw its price movements forming a handle following bearishness during April’s first two weeks.
The pattern that emerged on January 2 had the price action on a curve before the token retested the resistance near the $0.32 value area. That meant a vital move as the curve affirms its tail end after hitting resistance near its starting level.
Chiliz saw its Relative Strength index pulling back under the neutral level over the past two weeks. However, the indicator did not exhibit oversold situations. The MFI suggests substantial outflows over the same timeframe as CHZ briefly hit the 20-mark. Remember, increased accumulation happens whenever the MFI drops under 20, and the indicator shows some uptick.
The bounce back by the MFI matched the upswing in the Relative Strength index beyond the neutral level and CHZ’s price rally over the past three days. For now, the MFI appears ready to affirm an upward move. Meanwhile. Some on-chain indicators authorize the uptrend expectations.
CHZ’s on-chain index displayed a supply surge in tokens held by leading non-exchange wallets over the previous four weeks. Meanwhile, the past two weeks recorded volume decrease as the price declined, but it saw an upsurge over the past 72 hours. Also, CHZ’s market capitalization increased within the past three days.
The last time metrics such as volume and market capitalization saw such gains, CHZ price surged within the following days. The alt’s indicators and metrics match the cup & handle formation and might mean CHZ is ready for a bullish run in the coming sessions.
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