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CHZ is poised for a breakout but the market could take another plunge

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Chiliz [CHZ] has a market cap of $1.4 billion and is ranked 37th on CoinMarketCap.

The sports and entertainment token has made numerous partnerships in the past year.Its visibility and the upcoming FIFA World Cup could see a surge in demand for CHZ.

On the charts, a bullish bias seemed warranted based on technical analysis. Can Chiliz surge above the $0.24 zone of resistance that the bulls have grappled with for a month?Source: CHZ/USDT on TradingViewThe three-day chart shows the asset in a strong downtrend.

Indeed, Chiliz had not beaten its previous lower high from November to June. Slowly, this began to shift as demand began to arrive with force in July and August.

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