While the cryptocurrency market experiences one of its calmest periods, Chiliz, a popular altcoin project among Turkish investors, has managed to make its mark on the day. According to Tradingview data, CHZ, which has seen a 20.09% increase over the last 24 hours to a price of $0.10773, has investors wondering what the future holds. Let’s take a closer look.
Chiliz Technical Analysis
Chiliz CEO Alexandre Dreyfus shared with his followers in a post on January 15 that Chiliz tokenomics would be updated, which was followed by a significant price increase of over 20% on January 16, drawing attention. The EMA 200 (red line) level acting as support during the recent dip provided an important clue for investors for the CHZ rally. With the rise on January 16, the downtrend line that had been in place since November 2022 was also broken.
The most important support levels to watch on the daily chart for CHZ are, in order; $0.09648, $0.08612, and $0.07920. Particularly, a daily bar closing below the $0.08612 level will lead to a retracement below the trend and encounter selling pressure.
The most important resistance levels to monitor on the daily chart for CHZ are, in order; $0.11037, $0.12439, and $0.13978. Especially, a daily bar closing above the $0.11037 level, which has been a major barrier in the recent uptrend, will help CHZ gain momentum.
CHZ/BTC Technical Analysis
Significant developments occurred in the CHZ/BTC pair following the rise on January 16. The resistance in the falling channel formation was broken, and the EMA 200 level was successfully surpassed after a long period.
The most important support levels to follow on the daily chart for CHZ/BTC are, in order: 0.00000243, 0.00000229, and 0.00000216. Particularly, a daily bar closing below the 0.00000216 level will cause Chiliz to lose value against Bitcoin.
The most important resistance levels to pay attention to on the daily chart for CHZ/BTC are, in order; 0.00000256, 0.00000276, and 0.00000297. Especially, a daily bar closing above the significant resistance level of 0.00000297 today will result in Chiliz gaining value against Bitcoin.
