Following the US interest rate decision on January 31, the cryptocurrency market, including Bitcoin and various altcoins, experienced substantial losses. Chiliz (CHZ), a prominent altcoin, has been the focus of investors and analysts alike, raising questions about its future trajectory as per the technical charts.
Chiliz Chart Analysis
Chiliz’s daily chart shows a persistent descending trend line that has yet to be broken, despite recent momentum. The asset’s failure to surpass this resistance has resulted in short-term selling pressure. With the last bar closing below the EMA 21 level, the market is watching to see how CHZ will proceed.
Key support levels for CHZ are identified at $0.09744, $0.09071, and $0.08514. Closing below $0.09744, which has been pivotal in recent formations, could intensify selling pressure on CHZ’s price.
Conversely, resistance levels to watch are set at $0.1026, $0.1130, and $0.1241. A close above $0.1130, coinciding with the descending trend line, may catalyze CHZ’s upward momentum.
CHZ/BTC Chart Analysis
The CHZ/BTC daily chart shows a wedge formation that has been in play since October 2023. The pattern was disrupted by Bitcoin’s strength, which initially broke the support line, followed by a break in resistance due to CHZ’s momentum. These movements have led to significant losses for investors.
Important support levels on the CHZ/BTC chart are 0.00000233, 0.00000226, and 0.00000220. A close below 0.00000233, intersecting with the EMA 7, could devalue CHZ against Bitcoin. On the flip side, resistance levels of 0.00000244, 0.00000258, and 0.00000272 are crucial, with a close above 0.00000244 potentially signaling a strengthening of Chiliz’s position against Bitcoin.
