Chiliz (CHZ) is moving in a downward trajectory. Over the last 24 hours, CHZ’s price is down by 2.99%, but over the last week, it has shown signs of stability.
At the time of writing, CHZ is trading around $0.03930, supported by a 24-hour trading volume of $42.03 million, marking a surge of 2.54% over the last 24 hours. Its market capitalization currently stands at $404.15 million, currently placing the token in a cautious state.
Also Read: CHZ Market Structure Flip Signals Upside Continuation Toward $0.066
Chiliz (CHZ) Accumulation Could Push Price to $0.29
However, Chiliz (CHZ) is drawing renewed attention, after forming a falling wedge pattern on the weekly chart, a structure often associated with bullish reversals.
The crypto analyst Butterfly revealed that narrowing price action signals declining selling pressure as consolidation tightens. Analysts suggest this compression phase could serve as a launchpad for a stronger upward move if resistance breaks convincingly.
Market experts feel that this ongoing buying within the wedge could provide support to the bullish run. This could be achieved through a confirmed breakout, accompanied by a rise in volume and strong weekly closes, to eventually push the price to the $0.29 level.
As long as buyers are in control and higher lows are maintained, CHZ could be on course to resume a trend in the coming weeks.
CHZ Struggles Amid Weak Momentum and Bearish Signals
According to TradingView, Chiliz (CHZ) has been experiencing more aggressive movements, wavering at $0.03918. After an initial run-up to $0.043, the token has been facing selling pressure, creating lower highs and lower lows.
This may indicate an apprehensive market sentiment, with bulls struggling to maintain price momentum at $0.040, which could spell a short-term bearish trend for Chiliz.
The MACD indicator is also suggesting that the bullish trend is losing steam since its line is just below the signal line. The RSI is also currently near 35 and is rising towards the oversold zone, which might cause folks to expect a relief rally in the near term.
However, unless CHZ breaks the key resistance level of $0.041, the overall technical outlook is cautiously bearish.
Also Read: Chiliz (CHZ) Breaks Support Level, Recovery Rally Toward $0.140 in Focus