Chiliz (CHZ) is moving in a downward consolidation phase following the changing conditions in the crypto market. According to CoinMarketCap, the CHZ price has declined by 4.2% over the last 24 hours, but it has surged by 10.72% over the last week.
At the time of writing, the token is trading at $0.04868 with a trading volume of $93.94 million, which has surged by 76.66% over the last 24 hours. However, its market capitalization stands at $502.8 million, which is down by 4.3%.
Source: CoinMarketCap
Also Read: Chiliz (CHZ) Bullish Structure Points to Potential Move Toward $0.06
CHZ Eyes $0.57 Breakout as Bulls Defend Key Support
Furthermore, the crypto analyst TurboBullCapital highlighted that CHZ is showing strong bullish momentum as it continues trading in a positive structure.
The key support level to watch is $0.049, and if bulls successfully hold this zone, the next upside target could be $0.057, signaling another strong breakout for traders and investors ahead. Momentum remains strong as market sentiment continues improving daily.
Source: TurboBullCapital’s X Post
With the FIFA World Cup just around the corner, the market spotlight is intensifying, usually resulting in excitement for cryptocurrency projects tied to sports.
Given that Chiliz is the leading platform in the fan token space, the excitement generated will be beneficial for the project, making its token $CHZ one of the most followed altcoins out there.
Technical Indicators Reinforce Bullish Recovery
According to TradingView, CHZ has recovered after reaching its bottom point of roughly $0.032 during March, and the current rally looks strong enough.
The current rally has been able to exceed all major moving average levels, which could imply that sentiment will soon become more positive. As the SMA 20 is moving upward, the coin is now nearing the $0.050 level.
Source: TradingView
The technical indicators confirm the strength of the momentum but suggest caution. The RSI indicator stands at 63 and is on the verge of entering the overbought zone, whereas the MACD indicator shows a clear bullish crossover with the green histogram bars getting wider. In other words, there is still buying pressure but may be followed by some retracement towards $0.043.
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) Surges 45% and Holds Strong: Is $0.40 the Next Target?
