Peasantsrights

Chiliz Bulls Ready to Take on $0.131 and $0.1485 Resistance Levels

admin, · Kategorien: Allgemein

• Chiliz has been on an uptrend since late December and has gradually climbed higher.
• Evidence from the charts suggests that further gains may follow, but $0.131 and $0.1485 remain key resistance levels to watch out for.
• The selling pressure since mid-November has been immense, and there is a long-term level of significance at $0.131 which can act as resistance.

Chiliz (CHZ) has been on an uptrend since late December, with evidence from the charts suggesting that further gains may be possible. The token faced rejection at the $0.1275 mark in December and continued its freefall to reach the local low of $0.097 in late December. Since then, Chiliz has gradually climbed higher, with strong recent gains on the lower timeframes being evidence of the fact that CHZ remains a popular token among whales.

The selling pressure since mid-November has been immense and, even though the token’s velocity has noted gains recently, the supply held by top exchanges has taken a dip. This could be an early sign that the local top is imminent, or it could mean that Chiliz bulls will break out past the $0.13 resistance.

On the daily timeframe, the market structure took a bullish hue after breaking above the $0.116 mark. However, it is hard to say that the longer timeframe bias has flipped bullish even though the bearish structure was broken. To the north, a fair value gap from mid-December has already seen a strong bearish reaction, and this imbalance has not been filled yet. There is also a long-term level of significance at $0.131 which can act as resistance.

Higher still lies a bearish order block on the daily timeframe which extends from $0.1325 to $0.1485. At the time of writing, the short-term bias was bullish, but with such a strong resistance level looming, there is a risk that the token will face rejection. If that happens, a further decline to the $0.097 mark could ensue.

Overall, Chiliz has bullish momentum on the lower timeframes but approaches another key resistance level on the daily timeframe. A northward breakout is possible, but $0.131 and $0.1485 remain key resistance levels to watch out for. If Chiliz bulls can break out past these levels, the token could make further gains. However, if the token faces rejection at these levels, a further decline could ensue.