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In the cryptocurrency market on January 25th, many altcoin projects, including Bitcoin, continue to see selling pressure. However, this does not seem to apply to Chiliz, which has caught the attention of many investors and has managed to stand out in recent days. In the last 24 hours, Chiliz has increased by more than 8% and is trading at $0.10557 at the time of writing. What can be expected for Chiliz in the coming period? Let’s examine together.
Chiliz Technical Analysis
The two-hour Chiliz chart shows a triangular formation structure. The recent rise resulted in a breakout of this resistance, which could ignite a significant rally for Chiliz. The formation’s resistance line acting as support in the last bar formation is another positive sign.
The most important support levels to watch on the two-hour Chiliz chart are; $0.10420, $0.10312, and $0.10171 respectively. A two-hour bar closing below the $0.10312 level will likely lead to a return to the formation area and encounter selling pressure for CHZ.
The most important resistance levels to watch on the two-hour CHZ chart are; $0.10573, $0.10754, and $0.10909 respectively. A two-hour bar closing above the $0.10573 level, which has been acting as resistance in recent formations, will likely accelerate the momentum of CHZ’s price.
CHZ/BTC Technical Analysis
The daily CHZ/BTC chart shows a descending channel formation structure. After touching the support line, the recent uptrend has begun to weaken. However, today’s rise has encountered another resistance level, and a positive divergence from the cryptocurrency market for Chiliz could trigger further gains.
The most important support levels to follow on the CHZ/BTC chart are; 0.00000243, 0.00000229, and 0.00000213 respectively. Particularly, a daily bar closing below the 0.00000229 level, which intersects with the EMA 21 (blue line), will lead to a loss in value for Chiliz against Bitcoin.
The most important resistance levels to watch on the CHZ/BTC chart are; 0.00000267, 0.00000281, and 0.00000297 respectively. Especially, a daily bar closing above the 0.00000267 level, which has been a hurdle in recent formations, will likely lead to an increase in value for Chiliz against Bitcoin.
