As many altcoins shed losses this week, Chiliz’s price remains strong and continued to chart gains daily. It is currently trading near an important resistance after briefly losing steam yesterday. A break-up is imminent.
The past few weeks of trading have seen CHZ through a slight change in character after lifting from a low of $0.43 two months back.
Nevertheless, the price is still trading within a bearish zone from a mid-term perspective. But considering the recent change in the market character, the crypto may explode massively in the next few weeks.
Although, it attempted to break out of structure, but proved abortive due to a sudden rejection under $0.08 yesterday. It reiterated positive actions today and is now showing signs of strength on a daily scale.
From a technical standpoint, CHZ looks primed for a breakout, and as we can see, it has been footing an increase since it climbed above the $0.6 level a week ago. A successful break above yesterday’s high should activate a bigger price movement
Now that the market is gaining traction again, we can consider a short-term price growth. A push to the $0.17 level should bring a full recovery in the market before breaking higher for a mega rally.
Chiliz’s Key Levels To Watch
Source: Tradingview
While CHZ is on the bulls’ radar, the $0.08 resistance level has been a threat to them in the last 24 hours. But now that they are showing up, we may see a break to $0.09. Key resistance level for an increase is $0.1.
In case of a drop, there’s support at the $0.58 level. A drop below this level could introduce the bears back into the market. The subsequent support to watch is $0.05 and $0.043.
Key Resistance Levels: $0.08, $0.09, $0.1
Key Support Levels: $0.058, $0.05, $0.043
Spot Price: $0.068
Trend: Bullish
Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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