The cryptocurrency market has witnessed significant developments recently, facing notable selling pressure today. Particularly, the inability of spot Bitcoin ETF products to impart positive momentum to Bitcoin’s price led investors to take profits from Bitcoin and turn towards altcoin projects, including Ethereum. So, what do the charts indicate for Chiliz, which is popular among Turkish investors? Let’s examine together.
Chiliz Daily Chart Analysis
Recently, CHZ has gained significant momentum with the update of Chiliz’s tokenomics, successfully breaking the downtrend line that has been ongoing since November 2022, and this situation did not negatively affect the CHZ price at the time of writing, despite the downturn in the crypto market on January 17. However, receiving rejection at the same resistance level for two days could create selling pressure for CHZ.
The most important support levels to follow on the daily chart for Chiliz are, respectively; $0.10267, $0.09480, and $0.08612. Particularly, a daily bar closing below the support level of $0.10267, which acts as support today, could lead to short-term selling pressure on the CHZ front.
The most important resistance levels to watch on the daily chart for Chiliz are, respectively; $0.11037, $0.12439, and $0.13978. Especially, a daily bar closing above the $0.11037 level, which has been a major obstacle for the last two days, will help CHZ gain momentum.
Chiliz Hourly Chart Analysis
In the hourly chart, Chiliz had recently been drawing attention with its ascending channel formation structure, but with the rise in momentum on January 16, CHZ successfully achieved a breakout of the formation resistance. On January 17, the support or resistance breakout will be the most important factor determining the direction for the narrowly confined CHZ.
The most important support levels to follow on the hourly chart for CHZ are, respectively; $0.10355, $0.09969, and $0.09495. Particularly, an hourly bar closing below the $0.10355 level, which played a significant role in the last bar formations, will cause CHZ to face selling pressure.
The most important resistance levels to watch on the hourly chart for CHZ are, respectively; $0.10715, $0.11097, and $0.11505. Especially, an hourly bar closing above the $0.10715 level, which intersects with the Ichimoku level, will help CHZ gain momentum.
