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While the crypto market continues its eager anticipation and optimistic phase, many projects have managed to please their investors during this period. However, there were also projects that maintained their silence and failed to achieve the expected rise, with Chiliz being one of these cryptocurrencies. So, what do the charts indicate for CHZ, which was trading at $0.0809 at the time of writing? Let’s examine together.
Chiliz Chart Analysis
The first noticeable formation structure in the daily Chiliz chart is the rising channel formation. This formation provided significant clues to investors until January 3rd, but with the drop on that day, CHZ broke the formation’s support line and has not yet risen back into the formation zone. With the recent drop, CHZ is also below the EMA 21 (blue line), making a downward scenario more likely.
The most important support levels to watch in the daily CHZ chart are, respectively; $0.0789, $0.0753, and $0.0720. A daily bar close below the $0.0720 level, which intersects with the EMA 200 (red line), will cause a significant loss of momentum for the CHZ price.
The most important resistance levels to watch in the daily CHZ chart are, respectively; $0.0829, $0.0882, and $0.0953. A daily bar close above the $0.0882 level, in particular, will bring back the upward momentum and please CHZ investors.
CHZ/BTC Chart Analysis
CHZ/BTC chart highlights some of the lowest levels in recent times. In the daily chart, a narrowing wedge formation is also noticeable. The fact that there has been only one support break in this formation structure suggests that this movement could be a bear trap. With the latest bar movements touching the support level, an increase from this area can be expected.
The most important support levels to follow in the CHZ/BTC chart are, respectively; 0.00000182 and 0.00000177. A daily bar close below the 0.00000182 level could lead to a bearish outcome for the formation.
The most important resistance levels to watch in the CHZ/BTC chart are, respectively; 0.00000187, 0.00000193, and 0.00000200. A daily bar close above the 0.00000200 level will significantly increase Chiliz’s value against Bitcoin.
