Chiliz (CHZ) is showing a stable upward trend after a brief dip earlier in the day, reflecting moderate bullish momentum. According to CoinMarketCap, over the last 24 hours, CHZ has edged higher by approximately 0.25%, stabilizing around key support levels, despite minor fluctuations throughout the day.
Source: CoinMarketCap
Currently, the price of the coin is at $0.0360, and its 24-hour volume is at $26.95 million, having declined by nearly 30% in the last 24 hours as compared to yesterday.
The market capitalization of the coin is still at $372.76 million, which indicates that even though the volume of the coin has declined, it is still stable, which is a positive sign for investors.
Also Read: Chiliz (CHZ) Poised for Bullish Surge to $0.054 Amid Technical Confirmation
However, the crypto analyst, Butterfly, pointed out that CHZ is forming a falling wedge pattern, which is a bullish pattern, indicating that the token’s price is experiencing less selling pressure.
The falling wedge pattern, according to Butterfly, indicates that buyers are gradually gaining strength to push the price up, which might result in a price surge.
Source: Butterfly’s X Post
However, if the bullish momentum continues, it is possible for the price of CHZ to reach $0.25 in the near future. The current price level, which is a support zone, is performing exceptionally well as a springboard for price increases.
The trend is being closely monitored by traders, and a breakout from the wedge is expected to propel the price of CHZ into a major move, thereby attracting the attention of both short-term and long-term investors.
According to TradingView, Chiliz is in a period of gradual consolidation as it is trading at a $0.036 price point after a significant period of trading in a downtrend from a $0.060 region.
The chart shows a series of lower highs and weakening bull candles, showing a cautious market. The bulls are trying to hold up the price at a $0.034-$0.036 support.
Source: TradingView
The momentum indicators are mixed, with the RSI staying in the mid-40s, indicating weak buying strength without any signs of being overbought or oversold.
The MACD, meanwhile, is flattening near the zero line, indicating a weakening bearish momentum, which might slowly turn into a new trend if the buying strength picks up enough to push the price through the resistance zone of $0.040.
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) Falling Wedge Signals Potential Bullish Breakout to $0.850
