The cryptocurrency market recently faced significant selling pressure, particularly as spot Bitcoin ETFs failed to boost Bitcoin’s price, prompting investors to sell Bitcoin and shift towards altcoins like Ethereum. The focus now shifts to Chiliz (CHZ), a popular token among Turkish investors, to see what the charts indicate.
Despite a market downturn on January 17, CHZ’s price remained unaffected, likely due to its successful break from a downtrend since November 2022. This was attributed to Chiliz’s tokenomics update. However, facing resistance at the same level twice could lead to selling pressure on CHZ.
For CHZ, critical daily support levels to watch are $0.10267, $0.09480, and $0.08612. A daily close below the support level of $0.10267 could trigger short-term selling pressure. Conversely, overcoming key resistance levels at $0.11037, $0.12439, and $0.13978 could accelerate CHZ’s momentum.
On the hourly chart, CHZ recently broke through the resistance of an ascending channel formation on January 16. The next direction for CHZ will be determined by a breakout of either support or resistance in a narrowing range observed on January 17.
Important hourly support levels for CHZ are $0.10355, $0.09969, and $0.09495, with a close below $0.10355 likely leading to selling pressure. Resistance levels to watch are $0.10715, $0.11097, and $0.11505, with a close above the Ichimoku level at $0.10715 potentially boosting CHZ’s price.