Chiliz (CHZ) is moving in an upward direction as BTC has maintained its position above the $78K price level. According to CoinMarketCap, as of Thursday, April 23, the CHZ price has surged by 1.34% over the last 24 hours and 12.57% over the last week.
At the time of writing, CHZ is trading at $0.04716, with a trading volume of $87.23 million, which has surged by 4.98% over the last 24 hours. However, its market capitalization stands at $486.89 million, which is also up by 1.33%.
Source: CoinMarketCap
Also Read: Chiliz (CHZ) Eyes $0.60 Breakout as Price Compression Signals Major Rally
Furthermore, the crypto analyst Hailey LUNC XRP highlighted that CHZ is showing early signs of a bullish reversal after an extended downtrend, with price action indicating seller exhaustion and growing buyer strength.
The formation of higher lows alongside a sharp impulsive move suggests a structural shift, signaling that accumulation may be transitioning into expansion as confidence gradually returns to the market overall sentiment.
Source: Hailey LUNC XRP’s X Post
The market has now turned its attention to overhead liquidity above the 0.058-0.064 range, which is generally considered the next big target zone.
A successful break out of this range would set the stage for a faster bullish run, driven by liquidity hunts and new entrants, suggesting that CHZ is building up fast for a bigger move.
According to TradingView, CHZ is building up a strong bullish breakout that moves the token above its key moving averages. The price action has stabilized near $0.04758 and is now trading near the top band of the Bollinger Bands.
The current pullback in the price suggests that the market may be taking time to assess its ability to maintain a higher price level after the strong upward move.
Source: TradingView
Technically speaking, the token is strongly trending higher, trading comfortably above the 20, 50, 100, and 200 EMAs.
The 20 EMA serves as an important dynamic support level, while the Bollinger Bands indicate reduced volatility as they converge. Investors may be waiting for the price to break out beyond its immediate resistance or re-test its support levels.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Chiliz (CHZ) Breakout Above 5-Year Resistance Sparks Hopes of 10X Rally
