The ongoing bull cycle within the channel pattern pierced several resistances as it made it to $0.257. Thus, doing so, the Chiliz price has recently breached resistance of $0.25, offering an entry for side-lined buyers. Should you enter the market now or wait for another price correction

Key Points:

• The $0.257 breakout would accelerate the bullish momentum.
• For a potential pullback, the rising EMA could offer suitable support
• The 24-hour trading volume in the Chiliz coin is $762.5% Million, indicating a 47% gain.

Source-Tradingview

The Chiliz price resonated sideways within a megaphone pattern for the last three months. On November 10th, the price rebounded from the pattern support trendline with a bullish engulfing candle.

Despite a sluggish rally in market leaders(Bitcoin and Ethereum), the Chiliz price has steadily recovered. Moreover, this bullish rally registers a 6.75% growth within two weeks. Furthermore, with a 10% intraday jump, the coin price currently trades at $0.2578 and breaches the $0.255 resistance.

Thus, a daily candle closing above the aforementioned will offer an additional launchpad to support further growth in Chiliz prices. With the bullish scenario, the ongoing bull cycle with the megaphone pattern should leaf the prices to the overhead trendline at $0.3. A breakout above the trendline will intensify the bullish momentum for further growth.

On a contrary note, the price has a high possibility for a bearish reversal from the rising trendline.

Technical Indicator

MACD indicator: the MACD and signal sustain above the neutral line despite the recent correction; the market sentiment remains bullish. Moreover, a bullish crossover would attract more buyers to the market.

EMAs: the flattish EMAs(20, 50, 100, and 200) turn upward, indicating some early signs of resumption of recovery rally.

Chiliz intraday price levels

• Spot price: $0.25
• Trend: Bullish
• Volatility: Low
• Resistance level- $0.283 and $0.3
• Support level- $0.255 and $0.23