The optimistic period in the cryptocurrency market has led to the prominence of many altcoin projects. In particular, news-driven surges have enabled many altcoin investors to profit, further strengthening the possibilities of a rally in the crypto market. So, what do the charts indicate for the popular altcoin Chiliz recently making its mark? Let’s take a look.
Chiliz Chart Analysis
The first notable pattern in the two-hour Chiliz chart is the ascending trend line. Despite several breaks in this trend line, which has provided important clues for investors since the first week of January, these bar formations only appear as a bear trap. The increase in volatility since last week could accelerate the momentum of the CHZ price.
The most important support levels to monitor on the two-hour CHZ chart are, in order; 0.09341 / 0.08850 and 0.08333 dollars. In particular, a two-hour bar closing below the 0.09341 dollar level, intersecting with the trend line, will subject the CHZ price to selling pressure.
The most important resistance levels to watch on the CHZ chart are, in order; 0.09562 / 0.09909 and 0.10416 dollars. Especially, a two-hour bar closing above the 0.09909 dollar level will help the CHZ price to rise above the EMA 21 (blue line) level and gain momentum in the short term.
Chiliz Weekly Chart Analysis
Chiliz has shown a notable development in the weekly chart. Accordingly, there was a touch on the descending trend line coming from the rally period of 2021 last week. However, after this contact, the CHZ price faced selling pressure again. Currently, the CHZ price is trading above the level that has been acting as resistance since May 2023.
The most important support levels to follow on the weekly chart for CHZ are, in order; 0.09171 / 0.08038 and 0.07003 dollars. In particular, a weekly bar closing below the 0.09171 dollar level, which was broken last week, will cause the CHZ price to lose momentum.
The most important resistance levels to pay attention to on the weekly chart for CHZ are, in order; 0.1065 / 0.1275 and 0.1563 dollars. Especially, a weekly bar closing above the 0.1275 dollar level will break nearly a three-year trend level for CHZ and enable the price to gain significant momentum.
