Chiliz (CHZ) Set for a Major Move Beyond $0.052: Will It Soar or Stall?

Chiliz (CHZ) is currently trading at $0.04885, reflecting a 1.53% decrease in the past 24 hours. The trading volume has dropped significantly by 48.99%, now standing at $100.53 million. Despite these short-term fluctuations, the coin has maintained a solid position in the market.

The CHZ price has grown by 7.36% over the last 7 days, indicating an upward trend. This rising trend indicates that CHZ is moving at an accelerated pace, despite the recent negative trends. The growth signifies that the market participants remain optimistic about the future prospects of the coin.

Source: CoinMarketCap

CHZ Set for Breakout With Bullish Momentum

Crypto analyst Aman highlighted that CHZ has the potential to push beyond the $0.052, and the momentum is still on the side of the bulls. The coin has been following its upward trend line with good bounces and increasing lows. Analysts suspect that the breakout is not far away and a surge is likely.

Source: X

Analyst Butterfly mentioned that CHZ is broadening in a wedge formation on the chart. Confirmation of the breakout could lead to a significant price movement in the coin. Investors are closely monitoring the change in direction as the token nears the end of its consolidation phase.

Source: X

Also Read: Ethereum Holds Near $3,155 as Neutral RSI and Market Fear Keep Upside in Check

Open Interest and Trading Volume Decline for CHZ

According to CoinGlass data, the trading volume has fallen by 52.58%, and currently it is at $161.89 million. The Open Interest (OI) has also decreased by 4.99% to $54.15 million. Moreover, the token OI-Weighted Funding Rate stands at -0.0011%, which points to a change in market dynamics.

Source: CoinGlass

RSI Approaches Overbought Zone While MACD Confirms Uptrend

The Relative Strength Index (RSI) is at 69.61, which is approaching the overbought zone. A reading of more than 70 suggests the possibility of overbuying. The RSI’s upward trend suggests that the buying power is still present. This indicates that the token can experience an uptrend, but a minor fall is possible.

The Moving Average Convergence Divergence (MACD) is showing bullish. The signal line is lower than the MACD line, indicating that an uptrend still exists. The MACD is currently at 0.00048. This indicates that the accumulation stage is nearly at the end.

Source: TradingView

The price performance of the CHZ coin shows that it is highly viable to make additional gains. The RSI and MACD support the bullish case, indicating a potential breakout in the near future. As the period of coin accumulation approaches its final stage, CHZ may experience substantial growth.

Also Read: Shiba Inu Price Stabilizes Above $0.0000810, Bulls Eye Major Breakout