Chiliz (CHZ) is moving strongly bullish with the signals of a 10x move after resting in a descending channel for 5 years. According to CoinMarketCap, the CHZ price has surged by 11.81% over the last 24 hours and 13.1% over the last week.
At the time of writing, CHZ is trading at $0.04391, with a trading volume of $170.29 million, which has surged significantly by 196.84% over the last 24 hours. However, its market capitalization stands at $452.54 million, which is also up by 11.86%.
Source: CoinMarketCap
Also Read: Chiliz (CHZ) Falling Wedge Signals a Potential Breakout Toward $0.850
Furthermore, the crypto analyst Javon Marks highlighted that CHZ has finally broken above a nearly five-year descending resistance trendline, signaling a major technical shift in market structure.
This breakout suggests a transition from long-term consolidation into potential expansion as buyers regain control and momentum builds above a historically strong rejection zone on higher timeframe charts across multiple timeframes.
Source: Javon Marks’ X Post
The traders have opined that the confirmation of such a breakout will pave the way for the beginning of a strong continuation phase that might even be capable of reaching out to the $0.40 territory and higher, thereby registering an appreciation of over 10x from consolidation levels below. Ultimately, the outcome is likely to depend on other factors as well.
According to TradingView, a bullish breakout pattern can be observed in CHZ as the price rises above the upper Bollinger Band and reaches $0.04370.
With a continued upward trend since March lows, the price is currently standing at $0.04402, indicating that the buyers’ power is quite strong. If the candlesticks break this red resistance level, then the rally could continue up to $0.051.
Source: TradingView
The RSI backs this trend with an increase to 62.42. It shows that there is positive upward momentum, but it is not yet overbought or extended.
Although there is positive momentum, it is important for traders to watch out for any retracement towards the midpoint moving average of $0.03954. It is very important to maintain this level of support.
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) Short-Term Bounce Could Lead to 15% Rally Toward $3.70
