World Cup Anticipation Set to Prolong Bulls Run in Chiliz (CHZ) Prices

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• Technical indicators imply that bullish dominance will persist.
• CHZ has a support level of $0.1989 and a resistance level of $0.2383.
• Over the last few hours, CHZ prices have risen by more than 14.23%.

Chiliz (CHZ) has gained value to $0.2274, depicting a 13.55% uptick in the last 24 hours. The main reason for this boost is that it is the sole utility token for the Socios platform, which hosts fan tokens and allows users to contribute to management decisions for their favorite teams in anticipation of the FIFA World Cup set to begin on November 20.

This growth is also mirrored in a 10.99% increase in market capitalization to $1,353,231,556 and a 61.83% increase in 24-hour trading volume to $817,632,255.

CHZ/USD 24-hour trading volume (Source: CoinMarketCap)

The Keltner Channel pointing upwards indicating that the bullish momentum is likely to continue as the upper band attains 0.2408 and the lower band reaches 0.1849. This is also supported by the price trajectory towards the upper band.

A bullish prominence is postulated as the blue MACD line crosses above the signal line and moves into positive territory, reading 0.0039. To support this idea, the histogram trend is in the positive territory at 0.0037.

The Relative Strength Index (RSI) is at 56.98, inferring a stable market condition that allows investors sufficient time to exercise further bullish control.

CHZ/USD 4-hour price chart (Source: CoinMarketCap)

When the True Strength Indicator crosses above the signal line from below, it denotes a long position as bulls pull prices up to allow for this action, as shown on the 4-hour price chart where the TSI is at 7.9040 and pointing upwards and soars above the signal line.

The Bollinger Bands are also bulging as visible on the 4-hour chart, denoting that the uptrend is likely to last. The upper band reaches 0.2338, while the lower band reaches 0.1804, which correlates to the upward trend. The market price is also moving towards the upper band, which supports the upturn.

CHZ/USD 4-hour price chart (Source: CoinMarketCap)

As a result, in order to maintain their current trend in the SHIB market, the bulls must continue to fight and outweigh the bears.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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