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The optimistic phase in the cryptocurrency market has allowed many altcoin projects to stand out. Particularly, news-driven rallies have enabled many altcoin investors to profit, further strengthening the potential for a rally in the crypto market. So, what do the charts indicate for the popular altcoin Chiliz? Let’s examine together.
Chiliz Chart Analysis
The first notable formation in the two-hour Chiliz chart is the ascending trend line. Despite several breaks in this trend line since the first week of January, these bar formations only appear as bear traps. The increase in volatility since last week could potentially 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. A two-hour bar close below the 0.09341 dollar level, especially where it intersects with the trend line, will result in CHZ facing selling pressure.
The most crucial resistance levels on the CHZ chart are, in order; 0.09562 / 0.09909 and 0.10416 dollars. Particularly, a two-hour bar close above the 0.09909 dollar level will help the CHZ price to rise above the EMA 21 (blue line) and gain momentum in the short term.
Chiliz Weekly Chart Analysis
A notable development has occurred on the Chiliz weekly chart. Accordingly, there was contact last week with the descending trend line that has been in place since the rally period of 2021. However, following this contact, the CHZ price faced renewed selling pressure. 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. Particularly, a weekly bar close below the 0.09171 dollar level, which was breached last week, will cause the CHZ price to lose momentum.
The most crucial resistance levels on the weekly CHZ chart are, in order; 0.1065 / 0.1275 and 0.1563 dollars. Especially, a weekly bar close above the 0.1275 dollar level will break nearly a three-year trend level for CHZ and could significantly accelerate the price.
