- Chiliz (CHZ) price declines over 9%, closing at $0.1025, indicating weak short-term sentiment.
- Market volume surged to 2.89 billion, suggesting active trading despite the price downturn.
- CHZ maintains support near $0.0969, with resistance forming around $0.1152 and $0.1679 levels.
Chiliz (CHZ) has faced notable downward pressure over the past week, shedding 9.13% of its value to trade at $0.1025. According to TradingView data, the selling activity reflects a correction phase after the cryptocurrency’s recent upward move that peaked near $0.1152. Despite the decline, CHZ remains above the key support at $0.0969, providing a critical floor for buyers.
Trading volume remains active, with 2.89 billion CHZ exchanged, signaling ongoing interest from both bulls and bears. On the weekly chart, Chiliz has shown periods of sharp rallies followed by equally steep corrections, reflecting volatile sentiment.
Key Support and Resistance Levels
Chiliz’s technical chart reveals a significant pattern of peaks and troughs over the past year. The price previously rallied to $0.1679 in April 2024 before falling back below $0.0431 in July. The current price remains positioned above the last low at $0.0969, a level that previously served as strong support during bearish conditions.
Resistance has developed around $0.1152 and $0.1650, where selling pressure tends to emerge. For CHZ to regain momentum, the price would need to close above these levels on significant volume. Failure to hold support near $0.0969 may lead to further declines, testing lower levels closer to $0.0842.
Market observers are also tracking overall volume trends. A volume spike has coincided with recent price movements, suggesting significant participation from traders aiming to capitalize on short-term swings.
Broader Outlook for Chiliz
Chiliz remains a prominent blockchain platform supporting fan engagement in sports and entertainment through its tokenized ecosystem. CHZ’s price movements often reflect market sentiment surrounding its adoption and partnerships within the sports industry. Recent gains were likely fueled by renewed interest in blockchain utility tokens, although this enthusiasm has met resistance at key levels.
Market analysts believe the asset will need to maintain its current support while building enough buying momentum to challenge resistance above $0.1152. Long-term prospects for Chiliz continue to depend on its ability to expand utility and attract new users to its platform.
If CHZ manages to stabilize above $0.1025 in the coming weeks, it may signal the beginning of another upward phase. However, continued bearish pressure could push prices lower, forcing buyers to defend support at $0.0969.
