Chiliz Price Prediction: CHZ Targets $0.050 Amid Whale Accumulation and Bullish Derivatives Data

Highlights:

• Chiliz price is upholding a bullish picture, after surging 2% to $0.044.
• The on-chain data shows intense buying by whales, which could fuel a surge in the Chiliz price.
• The technical outlook indicates intense buying pressure, with bulls targeting $0.046-$0.050.

The Chiliz (CHZ) price is bullish, after soaring 3% to $0.044 over the past 24 hours. This has boosted the demand for the CHZ token among large wallet investors this year. The technical picture for Chiliz price is still bullish as it nears major resistance at $0.050, which has limited upside since its 40% increase in December.

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According to on-chain data, whales are beginning to accumulate CHZ tokens, despite the 48% decline in the previous year. The 100 million-1 billion CHZ will now have more exposure to 5.23% of the on-chain supply, compared to 3.84% as of January 1. The larger group, whose CHZ tokens exceed 1 billion, stabilizes its exposure at 65.12, a clear signal of assurance. 

On the other hand, the derivatives data indicate bullish sentiment, reinforcing the potential for upward movement. The Chiliz open interest has spiked 7.17% to $46.57 million. This rise reflects strong investor confidence, as new capital is flowing into the CHZ market, potentially fueling a surge in Chiliz’s price.

Notably, the long-to-short ratio is 1.0101, indicating a growing bullish position. Moreover, its value above 1 indicates that bulls have the upper hand.

Chiliz Price Holds Above $0.037 Support as Bullish Grip Strengthens

CHZ/USD price action shows a clear bullish structure on the daily chart, supported by strong momentum. Chiliz is trading around $0.044, continuing a steady rise after flipping key moving averages into strong support levels.

The chart highlights a major support zone between $0.034 and $0.037, labelled as the 50-day and 200-day SMAs, respectively. This zone served as a strong base, with buyers repeatedly stepping in to prevent further downside. Price respected this support multiple times, demonstrating strong buyer demand and confidence.

A visible rising parallel channel on the chart shows a gradual but steady upward move. This pattern suggests growing bullish sentiment, as bulls exhibit strength. The CHZ token has broken above the key psychological level at $0.037, which has been acting as short-term support. 

On the upside, the chart shows a clear resistance zone between $0.046 and $0.050. If Chiliz bulls maintain momentum above $0.037 and volume remains strong, a retest of this resistance zone is likely. A clean breakout above it could open the door for a stronger rally towards $0.060.

The RSI is currently around 67.30, suggesting intense buying pressure in the market. However, traders may add more CHZ tokens unless the token enters the overbought region. The MACD indicator is also bullish, evidenced by the blue line crossing above the signal line. In the meantime, Chiliz’s price remains bullish, holding above the $0.037 support level. Any short-term dips toward the key support could attract buyers, keeping the broader upward trend in the CHZ token intact.

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