Chiliz (CHZ) price remains in a long-term downtrend with weakening bullish strength but is approaching a potential turning point where selling pressure may be easing.
Market structure is improving slightly, and rising trading activity suggests growing participation and early signs of improving sentiment for the ZEC price.
At the time of writing, CHZ is trading at $0.02722 with a 24-hour trading volume of $116.3 million and a market capitalization of $283.41 million. Following the 3.1% gain over the last 24 hours, the CHZ price structure and improving derivatives point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: CHZ Price Compression Near Apex Signals a Breakout Toward $0.90
CHZ Price Downtrend Approaches Turning Point
Furthermore, the crypto analyst @TakeProfitNow revealed that the bear trend is characterized by lower lows after several years. The CHZ price is now moving into an intriguing structure.
Every rally from the cycle top of $0.65 down to $0.29 and later to $0.13 has shown diminishing power. The CHZ price outlook indicates that buying interest is waning and selling pressure is getting exhausted.
What needs to be monitored in terms of the shorter term is the critical $0.138 level, which has served as a strong resistance zone on a weekly basis.
A clear breakout above this point will not necessarily constitute a turnaround signal, but it will improve the overall picture for the ZEC price.
Source: @TakeProfitNow’s X Post
Beyond this point, $0.294 will be the key area, as it marks the previous highs and where the trapped longs may choose to book profits on. Breaking above this level opens up a small illiquid range all the way up to $0.65, which is the cycle high.
CHZ Derivative Data Point to Improving Sentiment
However, there is an 18.98% increase in the CHZ open interest to $47.75 million, showing an increasing trend of derivatives activity among market participants who opened more positions in favorable market conditions.
Source: Coinglass
Volume rose to $175.89 million, which is an increase of 42.53%, demonstrating higher levels of trading and market involvement due to greater order flow and liquidity from investor response to price changes and other market cues.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: CHZ Price Consolidation Signals a Bullish Breakout Toward $0.657 Target
