Market Analysis

CHILIZ PRICE ANALYSIS & PREDICTION (January 17) – CHZ Breaks Out Following A Massive Recovery In A Week, Are The Bulls Back

As some low-cap altcoins saw notable recovery overnight, Chilliz’s price increased significantly and broke into a new monthly high. It currently looks strong and technically set to take more highs on a daily. 

Following the late 2023 recovery across the crypto space, CHZ increased steadily and later surged through several key resistance levels to tap $0.095 – marking its highest price level in six months. 

Due to a rejection, the crypto halted buying and dropped slightly into a small consolidation phase on the hourly chart. 

It later showed signs of weakness earlier this month and initiated a major crackdown to a low of $0.07 due to the sudden drop in the entire crypto space. It bounced off that low last week and climbed slowly. 

Today, the price increased significantly with a surge through last month’s high. It marked a new monthly high near $0.11 as the price looks very strong on the daily chart. It has retraced briefly but is more likely to resume surge shortly. 

Trading volatility is highly enhanced at the moment. If this buying cools off with a pullback, it may retest the last month’s high as support before bouncing back. If not, CHZ may roll down to look for a lower support. 

With the latest price break, the bulls have not just stepped back but are also gaining market control.

Chiliz’s Key Levels To Watch

Source: Tradingview

So far, it has seen about 30% recovery in the past week with no signs of stopping yet. The next line of resistance above today’s rejected $0.11 level is $0.117. A higher level to watch lies at $0.124. 

In case of pullback, the $0.104 level should provide support. If the level fails, the price may slip back to $0.0955 and even $0.086 for support.

Key Resistance Levels: $0.11, $0.117, $0.124

Key Support Levels: $0.104, $0.0955, $0.086

  • Spot Price: $0.106
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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