The cryptocurrency market witnessed a calm day, but the popular altcoin among Turkish investors, Chiliz (CHZ), stood out with a notable 20.09% increase in value. Chiliz’s CEO, Alexandre Dreyfus, announced an upcoming update to the Chiliz tokenomics, which was followed by a significant price surge of over 20% on January 16th. The support level provided by the EMA 200 (red line) during the recent dip offered a vital clue for the CHZ rally, breaking the downtrend line that had persisted since November 2022.
For CHZ, key support levels to watch on the daily chart are $0.09648, $0.08612, and $0.07920. A daily bar closing below $0.08612 could lead to a downward trend and selling pressure. Conversely, resistance levels to monitor are $0.11037, $0.12439, and $0.13978, with a daily close above $0.11037 potentially accelerating CHZ’s momentum.
The CHZ/BTC pair also experienced significant developments following the January 16th surge. The resistance break in the descending channel formation and the successful breach of the EMA 200 level marked important milestones.
Important support levels for CHZ/BTC on the daily chart include 0.00000243, 0.00000229, and 0.00000216 BTC. A close below 0.00000216 BTC could indicate a loss in value against Bitcoin. Key resistance levels are 0.00000256, 0.00000276, and 0.00000297 BTC, with a close above 0.00000297 BTC suggesting a gain in value for Chiliz against Bitcoin.