Date: Tue, February 11, 2025 | 06:10 PM GMT
The cryptocurrency market has been under significant selling pressure in recent weeks , with many altcoins struggling to maintain their bullish momentum. Since the November rally, Bitcoin dominance has surged, putting additional bearish pressure on the altcoin market.
Amid this broader market correction, Chiliz (CHZ) has seen a sharp decline, losing over 49% in the past 60 days. However, a key technical setup suggests that a potential upside move could be on the horizon.
Descending Channel Setup
According to crypto analyst @bitamberly, CHZ remains locked within a multi-year descending channel, reflecting a broader downtrend that began after the last bull run of 2021. The recent correction, which started after a rejection from the upper resistance of the channel at the $0.1430 high on December 2, led to a drop toward a midline key support zone at $0.044.
However, as this zone has historically triggered strong rebounds, CHZ quickly recovered and is currently trading near $0.058. This support has acted as a crucial demand zone in the past, and the latest price action suggests that buyers are stepping in once again.
According to analyst, If the token maintains its support the next key resistance targets are:
- $0.085 (first resistance level)
- $0.165 (mid-channel breakout confirmation)
- $0.340 (major resistance and trend reversal zone)
A breakout above the $0.165 level could confirm a shift in trend, potentially opening the door for a rally toward $0.340 in the coming months.
Final Thoughts
CHZ is demonstrating resilience at its key support level, hinting at the possibility of a trend reversal. However, the next move will largely depend on the broader market, particularly Ethereum (ETH) and Bitcoin dominance. If ETH continues its recovery and BTC dominance starts to decline, it could provide additional momentum for altcoins, including CHZ.
For now, traders should closely monitor breakout confirmations, as these could signal the next major move for CHZ.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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