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Chiliz (CHZ) Rally Builds: Falling Wedge Signals Potential Surge to $0.300
The Chiliz (CHZ) market has been witnessing a sudden surge, with the price rising by 3.67% in the last 24 hours and by 17.97% over the past week. This upswing is gaining momentum as technical analysis points towards an imminent reversal, which could propel CHZ to new highs of $0.300.
According to our sources, Chiliz (CHZ) has formed a falling wedge pattern on its weekly chart, often preceding a bullish reversal. If this trend holds true, it may lead to significant price appreciation.
In the last 24 hours, CHZ’s trading volume dropped by a staggering 47.70% to $21.56 million, while open interest rose by 0.32% to $34.18 million. These statistics indicate that traders are now waiting for a definitive breakout before committing additional capital.
It is essential to take note of the OI-weighted funding rate, which has remained at a positive 0.0108%. A historical analysis reveals that such bullish biases from leveraged traders have consistently preceded major price movements in CHZ’s market.
As the cryptocurrency market navigates through turbulent times, many experts believe that this uptrend may be prolonged if the support zone holds within the wedge pattern. However, a convincing breakout through the $0.081 mark would serve as a crucial confirmation of the trend reversal.
On the other hand, a failure to maintain its support and break down below key levels could lead to a fresh wave of volatility in the CHZ market.
The community is closely watching the overall sentiment across all cryptomena and Bitcoin’s direction to determine whether Chiliz can continue its upward momentum.
Source: www.tronweekly.com
