The crypto market has been facing selling pressure in recent weeks, with many altcoins struggling to maintain their momentum. In this scenario, Chiliz (CHZ) has lost over 49% in the last 60 days. However, a crucial technical pattern indicates that a recovery move may be in the works.
If you believe in the potential of CHZ, like this post and share your opinion in the comments! ✨
Descending channel and support zone
$CHZ remains within a multi-year descending channel, reflecting a downtrend that intensified after its high of $0.1430 on December 2. The correction saw the price test the support zone at $0.044, a level that has seen significant recoveries in the past.
CHZ is currently stabilizing around $0.058, showing signs of buyer reaction. If it holds this support, the cryptocurrency could start a recovery movement towards the next resistance levels:
✅ US$0.085 – First important barrier
✅ $0.165 – Middle Channel Breakout and Trend Confirmation
✅ $0.340 – Possible trend reversal
If it manages to surpass US$ 0.165, $CHZ could gain strength to seek higher levels in the coming months.
What to expect for CHZ?
$CHZ ’s performance will depend on the broader market, particularly the behavior of Bitcoin (BTC) and Ethereum (ETH). If ETH maintains its recovery and BTC dominance recedes, altcoins like CHZ could benefit and gain positive traffic.
Traders should pay attention to signs of resistance breaking to confirm whether this recovery has the strength to transform into a new bullish cycle.
What is your opinion on CHZ? Do you believe in the reversal? Comment below! 🔎
Source: CoinsProbe
Disclaimer: This content is not investment advice. Please do your own research and be fully informed before making any decisions.
