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The cryptocurrency market faced significant selling pressure following the interest rate decision announced in the US on the evening of January 31, with Bitcoin and many altcoins experiencing serious losses. The future course of these developments is a matter of curiosity. So, what do the charts indicate for Chiliz, one of the popular altcoin projects of recent days? Let’s examine together.
Chiliz Chart Analysis
The descending trend line on the daily chart of Chiliz continues to attract attention. Despite gaining significant momentum recently, CHZ failed to break this resistance line, leading to selling pressure in the short term. The question remains as to how the process will continue as the last bar closed below the EMA 21 (blue line) level.
The most important support levels to watch on the daily chart for CHZ are; $0.09744, $0.09071, and $0.08514, respectively. A daily bar close below the critical level of $0.09744, which played a significant role in the last two bar formations, will likely lead to selling pressure on CHZ’s price.
The most important resistance levels to monitor on the daily chart for CHZ are; $0.1026, $0.1130, and $0.1241, respectively. A daily bar close above the $0.1130 level, which intersects with the descending trend line, would potentially accelerate CHZ’s price momentum.
CHZ/BTC Chart Analysis
On the daily CHZ/BTC chart, the narrowing wedge formation that has been a topic since October 2023 initially broke the support line due to Bitcoin’s momentum, followed by a resistance break due to CHZ’s gained momentum. These sharp bar movements have resulted in significant losses for many investors.
The most important support levels to follow on the daily CHZ/BTC chart are; 0.00000233, 0.00000226, and 0.00000220, respectively. A daily bar close below the 0.00000233 level, which intersects with the EMA 7 (green line), will lead to a loss in value for CHZ against Bitcoin.
The most important resistance levels to consider on the daily CHZ/BTC chart are; 0.00000244, 0.00000258, and 0.00000272, respectively. A daily bar close above the 0.00000244 level, which has been a significant barrier in recent bar formations and intersects with the EMA 21, will be crucial for Chiliz’s value against Bitcoin.
