Chiliz (CHZ) Price Poised for Bullish Breakout as Momentum Surges to Multi-Month Highs

• Chiliz trades at $0.11928, with a 35.87% weekly gain, approaching key resistance at $0.14015, per analyst’s observations.
• RSI at 63.25 and MACD signal strong buying pressure, with momentum aligning for a potential bullish breakout above $0.1250.
• Immediate support stands at $0.1100 and $0.08899, while resistance at $0.14015 may determine Chiliz’s next price direction.

Chiliz (CHZ) has a big price potential according to analyst Ali, who suggests a bullish breakout may be imminent. At press time, Chiliz was trading at $0.11928, an increase of 35.87% in the past week. Price movement remains confined within a descending channel, a bearish formation persisting since the 2021-2022 highs. 

Fibonacci retracement levels highlight key support and resistance zones, with $0.08899 providing recent support and $0.14015 standing as the next significant resistance level. Momentum indicators and trading activity suggest growing optimism among traders.

Downtrend Channel and Key Fibonacci Levels

The structure of CHZ’s price movement indicates a persistent downward trend, constrained within a descending parallel channel. This movement reflects oscillations between the channel’s boundaries without a decisive breakout. Recently, the price moved above the 0.236 Fibonacci level ($0.08899), establishing it as a critical support. The next target lies at the 0.382 level ($0.14015), which may pose strong resistance.

Further levels include the 0.5 ($0.20229), 0.618 ($0.29199), and 0.786 ($0.49238), each representing increasing resistance zones. A full recovery to the 1 level ($0.95800) could indicate bullish dominance, while extensions such as 1.272 ($2.23238) offer long-term bullish projections if upward momentum accelerates.

Momentum Indicators and Current Price Action

Momentum indicators such as RSI and MACD are presenting encouraging signs. RSI, at 63.25, is edging toward overbought territory but remains in a bullish range. This aligns with the cryptocurrency’s upward price trend, with higher highs and lows forming over recent sessions.

The MACD further supports bullish momentum. A positive histogram, coupled with the MACD line above the signal line, shows accelerating buying pressure. Notably, a sustained increase in volume, reaching 19.91 million CHZ, strengthens the case for continued upward movement.

Support, Resistance, and Market Scenarios

Immediate support remains at $0.1100 and $0.08899, while resistance levels include $0.1250 and $0.14015. A breakout above $0.1250 may pave the way toward $0.1300 or higher, sustaining the short-term uptrend. On the downside, a rejection at key resistance could lead to a retest of lower levels, such as $0.1100.

With key moving averages aligning beneath the price, CHZ finds strong dynamic support. However, analysts must monitor critical resistance zones and volume trends to assess the cryptocurrency’s next directional move.