Chiliz rolled back to the bottom after witnessing a consistent decrease throughout late 2022. It is down by 3% today and has provided another buying opportunity.
During last year’s bear market, Chiliz found a bottom above $0.08 and recovered significantly by over 200% to tap $0.3 in five months. The rally stopped, and CHZ initiated a sell action.
The asset formed a bearish pattern and rolled back near this bottom for two months. It has found support at $0.098 and has bounced back above the $0.1 level. It appears to be gearing up for positive action in the 4-hour time frame.
Following the recent bounce, buyers are stepping back into the market. More accumulation is expected to take place once the price flips the formed resistance line to activate a bullish rally. The potential break level lies at $0.12, where the orange zone is drawn.
It lost over 50% of its value in the past months of trading. The aftermath of this has led to a weakness in price and has technically positioned the market in a downward trend.
Chiliz’s Key Levels To Watch
CHZ has found temporal support and it seems the trend might change any time from now.
Although the break level mentioned above might pose a threat to the bulls. A successful climb above it could soar the price to $0.14 in no time. A retest is expected to occur here. If the market fails to make a retest, the next stop would be the $0.16 resistance level.
If the price fails to surpass the potential break level, the CHZ/USDT pair may continue to fall. The immediate support to watch out for is $0.08 as soon as the price plunges the current holding support of $0.098. More drawdown could crash the price to $0.06.
Key Resistance Levels: $0.12, $0.14, $0.16
Key Support Levels: $0.098, $0.08, $0.06
- Spot Price: $0.1
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: inueng/123RF // Image Effects by Colorcinch
