• Chiliz has been gaining bullish momentum on lower timeframes, but approaches a key resistance level at $0.131 and $0.1485 on the daily timeframe.
• A northward breakout is possible, as evidenced by the strong recent gains, but the token faces rejection at the $0.1275 mark in December and continued freefall to reach the local low at $0.097 in late December.
• The market structure has taken a bullish hue after breaking above the $0.116 mark, but a bearish order block extending from $0.1325 to $0.1485 still remains a formidable resistance.
Chiliz (CHZ) has been on a strong upward trend lately, with bullish momentum on the lower timeframes. However, the gains have been met with resistance as the token approaches another key resistance level on the daily timeframe. A northward breakout is possible, as evidenced by the strong recent gains, but there are still some areas of resistance that need to be breached before that can happen.
In December, Chiliz faced rejection at the $0.1275 mark and continued its freefall to reach the local low of $0.097 in late December. Since then, the token has gradually climbed higher, indicating that more gains may be on the horizon. Further evidence of this comes from the fact that some whales have shown interest in the token, as evidenced by an increase in its velocity.
On the daily timeframe, the market structure has taken a bullish hue after breaking above the $0.116 mark, but there are still some areas of resistance that need to be broken before the bulls can take full control. For example, there is a fair value gap from mid-December that has yet to be filled, as well as a long-term level of significance at $0.131. To the north, there is a bearish order block extending from $0.1325 to $0.1485 which could act as a formidable resistance.
All in all, Chiliz has seen some strong gains in recent times and looks poised for further gains in the near future. However, the token is still facing some significant resistance levels that could limit the upside. Investors should keep an eye on these levels, as any breakouts past them could signal a strong trend reversal in favor of the bulls.