- Chiliz (CHZ) is trading below all key moving averages, signaling continued bearish momentum
- Support between $0.0346 and $0.0348 remains crucial, with a break potentially leading to $0.0330
- Resistance around $0.0380 to $0.0409 continues to cap upside attempts
- Price action suggests further weakness unless a breakout above $0.0409 occurs with strong volume
Chiliz (CHZ) is trading at $0.0355, showing a minor gain of 0.49% over the last 24 hours. Despite the small uptick, the broader trend remains bearish. Since peaking near $0.050 in mid-May, CHZ has steadily declined, forming a sequence of lower highs and lower lows. This confirms a sustained downward trend, with sellers maintaining control of the market.
Chiliz Struggles to Break Resistance Near $0.0380
From a technical standpoint, CHZ is currently trading below all key moving averages. The 9-period EMA is at $0.0358, sitting just above the current price, indicating short-term indecision. More importantly, the price remains well below the longer-term SMAs, with the 20 SMA at $0.0363, the 50 SMA at $0.0373, the 100 SMA at $0.0380, and the 200 SMA at $0.0406. These levels now act as layers of resistance. The spread and slope of the moving averages confirm continued bearish pressure.
Support and resistance zones also highlight the current market sentiment. The nearest support lies between $0.0346 and $0.0348, which has held through several recent tests. If this zone fails to hold, Chiliz could quickly move lower, with potential targets near $0.0330 or even $0.0325, levels not seen since early April.
On the upside, resistance is stacked between $0.0378 and $0.0409. This area not only reflects previous sell zones but also includes the 200-period SMA, which makes it a crucial barrier to watch if price recovery attempts resume.
Overall, the outlook for CHZ remains bearish until key resistance levels are reclaimed. The inability to break above $0.0380 has limited any short-term upside, and failed rallies continue to attract selling. A move above $0.0409 would be the first strong technical sign of a shift in momentum. For now, however, price action suggests more weakness is likely unless bulls show a clear breakout backed by volume.
Related Reading | Bitcoin Follows Gold’s Path: A $160K–$180K Breakout on the Horizon?
