Chiliz (CHZ) is approaching an important point on its price chart as technical patterns indicate that a major move could be close. Crypto With Gopal noted that the CHZ price is consolidating inside a symmetrical triangle after rebounding from a rising wedge retest.
The narrowing price range indicates a balance between buyers and sellers. Any breakout may result in increased volatility. The buyers are holding higher lows, but resistance is still firm; hence, the volume should play an important role in validating the future movement direction.
From the five-hour CHZ/USDT chart, the CHZ price is coming under bearish pressure after being rejected at around $0.0200, forming lower highs, indicating continued selling. Previously, CHZ had broken below the descending triangle pattern to fall towards $0.0170.
Source: X
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Breakout Could Open Path Toward Higher Levels
After reaching recent lows, buying interest returned and helped the CHZ price establish a temporary base instead of extending losses. The recovery later developed into a rising wedge, a pattern often associated with weakening upward momentum.
The token is currently testing an important level of resistance at $0.0180-$0.0182 as it approaches the top of the pattern in which it is trading. In the event of a breakout above both levels of resistance with high volume, the short-term bearish picture might change.
The breakout would cause short covering and new buying pressure, driving the CHZ price to $0.0210, a potential 15-20% move up from current levels. Failure to break higher and a breakdown of the rising wedge formation will drive the price down to $0.0170 and $0.0160.
Long-Term Chart Suggests Larger Recovery Potential
Another market analyst argued that CHZ has been falling for nearly four years, which has caused many investors to lose interest.
In spite of such an extended bearish trend, on the long-term chart, there are some important support or resistance levels at $0.14, $0.30, and $0.66. According to the analysis, the CHZ price is trading close to an accumulation zone that has previously been linked with increases in its prices.
Source: X
The potential for a rise back to $0.14 is quite a large one compared to the present prices, while breaking the level of $0.30 could bring a shift in the general market sentiment. The previously achieved high of around $0.66 could come into play again in case of a wider crypto boom.
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