What to know:
- CHZ price holds near $0.049 as traders eye a potential breakout toward the $0.06 resistance level.
- Technical indicators, including MACD and Bollinger Bands, confirm rising buying pressure and bullish trend strength.
- Analysts highlight a bullish market structure shift as resistance levels turn into support after a key breakout.
Chiliz (CHZ) is moving in an upward direction despite the cautious environment in the crypto market. According to CoinMarketCap, the CHZ price has surged by 2.7% over the last 24 hours and 16.86% over the last week.
At the time of writing, CHZ is trading at $0.04943, with a trading volume of $61.35 million, which has declined by 48.96% over the last 24 hours. However, its market capitalization stands at $510.27 million, which is up by 2.81%.
Source: CoinMarketCap
Also Read: Chiliz (CHZ) Eyes $0.60 Breakout as Price Compression Signals Major Rally
Chiliz Eyes $0.06 as Bullish Structure Strengthens
Furthermore, the crypto analyst Spermix revealed that CHZ is showing strong signs of continuing its bullish expansion after a decisive breakout backed by aggressive buying pressure.
Buyers stepped in heavily at key levels, flipping resistance into support and shifting overall market structure. This transition marks a turning point, with momentum clearly favoring the upside as confidence returns among traders.
Source: Spermix’s X Post
Following the breakout, the asset is establishing higher lows and showing increased strength with stronger momentum and demand in corrections.
Such an action frequently precedes rapid price action, with a swift move up to $0.05 to $0.06 and beyond a definite possibility. It would appear that the bulls continue to dominate the market.
CHZ Technical Indicators Reveals a Bullish Outlook
According to TradingView, CHZ shows clear signs of a bullish breakout because of the rapid rise in its price in the direction of the $0.0510 resistance.
The price breaking through the upper Bollinger Band indicates a volatile and strongly bullish market. This is also seen as the end of the previous consolidation phase.
Source: TradingView
The MACD further adds to this bullish trend, with the MACD line and signal line rising above the zero level. The increasing width of the green histogram bars indicates that the buying force is prevailing.
However, although the signals generated by the MACD are positive, it is important to keep an eye on the upper Bollinger Band.
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) Bullish Breakout Signals Potential Rally Toward $0.064 Target
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