Chiliz (CHZ) is moving in a consolidation phase despite the emergence of bullish strength in the crypto market. According to CoinMarketCap, the CHZ price has declined by 1.25% over the last 24 hours and 12.11% over the last week.
At the time of writing, CHZ is trading at $0.04149, with a trading volume of $93.59 million, which has declined by 2.83% over the last 24 hours. However, its market capitalization stands at $428.81 million, which has declined by 1.23%.
Source: CoinMarketCap
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Furthermore, the crypto analyst Flippix highlighted that CHZ has returned to a pivotal price zone that has historically acted as the launchpad for every major rally since 2021.
Now sitting at a significant imbalance area, the asset shows no immediate reaction, instead forming tight compression. This signals a buildup phase, where volatility contracts before a decisive breakout or breakdown.
Source: Flippix’s X Post
This stage represents a crucial turning point for the overall cycle of CHZ in the larger market. If CHZ is able to achieve a solid foothold, there may be an upward move to $0.70, which would continue the bullish trend.
Otherwise, if it breaks down below the support level, the structure would be broken, resulting in a bearish outlook.
Chiliz (CHZ)Technical Indicators Point to Cooling-Off Period
According to TradingView, another decline in price is now witnessed following CHZ’s peak near $0.0510. Following a rise since the March lows, the latest price at $0.04148 has fallen back inside the MA Ribbon.
Even though the price is still above its 200-day SMA at $0.03831, its immediate prospects have become very bearish.
Source: TradingView
The relative strength index indicates a shift towards bearish sentiment, falling out of overbought conditions to reach 45.82.
Having breached the signal line, it suggests that the preceding upswing is nearing exhaustion. It is important for investors to keep an eye on whether CHZ will be able to defend the support level of $0.0400 or not.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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