The recent optimism in the cryptocurrency market has brought many altcoins, including Chiliz (CHZ), into the spotlight, potentially fueling a market rally. Technical analysis of CHZ’s two-hour chart reveals a rising trend line since early January, suggesting possible bullish momentum despite occasional breakdowns that appear as bear traps.
Key support levels to watch on the two-hour CHZ chart are at $0.09341, $0.08850, and $0.08333. A close below the $0.09341 level, intersecting with the trend line, could lead to selling pressure. Conversely, resistance levels to monitor are $0.09562, $0.09909, and $0.10416. A close above $0.09909 could push CHZ above the EMA 21 line, signaling a potential short-term uptrend.
On the weekly chart, CHZ is trading above a resistance level that has been in place since May 2023. The price recently touched a descending trend line from the 2021 rally but faced selling pressure afterward. Support levels on the weekly timeframe are at $0.09171, $0.08038, and $0.07003. A close below $0.09171 could indicate a loss of momentum.
For resistance on the weekly chart, levels at $0.1065, $0.1275, and $0.1563 are crucial. A weekly close above $0.1275 could break a nearly three-year trend level, potentially leading to significant price acceleration for CHZ.
Investors should closely monitor these support and resistance levels to gauge CHZ’s market movements and make informed trading decisions.