Chiliz $CHZ , the fan-token favorite, is drawing serious attention on the weekly chart ๐
Why? Because weโre seeing a Descending Triangle pattern a classic structure that often precedes a big move once broken. Traders around the market are watching this one closely..
๐ง Whatโs the Setup?
๐ Pattern: Descending Triangle on the Weekly timeframe
๐งฑ Base Support: Price consistently holding above a strong support zone
๐บ Lower Highs: Compression signals that a breakout is approaching
This kind of formation often leads to a bullish breakout if the resistance line is broken with volume and a strong candle close.
But remember: confirmation is key. ๐ No predictions just prepared reactions.
๐ Current Price: $0.03818
At this level, CHZ is still within the triangle, tightening into the apex. The market is in wait-and-see mode. Volume is shrinkingโฆ tension is rising.
๐ What to Watch:
๐ Volume Spike: Breakouts with low volume often fail watch for strength
๐ฉ Candle Closes Above Resistance: Could signal momentum shift
โณ Rejection or Fakeouts: Always possible so risk management is essential
> This content is for educational purposes only. Always do your own research before making any trading decisions.
โ ๏ธ Risk Reminder
Triangles can break in either direction. While this one could lean bullish, confirmation is everything. No FOMO. Patience = Power.
๐ฌ Final Thoughts
CHZ is compressing inside a classic technical pattern. The next weekly candles could tell us a lot about its direction. Whether you're an active trader or a chart watcher, this setup is worth keeping on your radar. The breakout when it comes might be fast and sharp. Stay informed. Stay ready.
