Yesterday saw Chiliz CHZ through its highest daily volume inflow since last month. That led to a huge surge as it retested a key level with rejections. It briefly lost steam and is now looking down 5% at the time of writing. 

Chiliz saw a lot of gain in the first quarter of the year but failed to hold well above the $0.16 level due to a rejection. It started the second quarter with a loss and plummeted to a low of $0.08 last month.

Bouncing off this low with a sharp rejection, it climbed above $0.1 and slowly regained strength, although not strong enough to bring the bulls back in control. Still, it managed to form a bullish pattern.

However, the higher high and higher low formation was impressive but appeared significantly choppy until it suddenly broke to $0.14 yesterday for the first time in five weeks. Technically, this came as a retest of April’s breakdown point.

But unfortunately, it failed to sustain momentum due to rejection and lost buzz. Currently, the price looks weak and as a result of this, we may see losses in the coming days.  Even if the price increases, CHZ must cross above the two-month diagonal resistance line before confirming a strong bullish move.

CHZ’s latest drop is reaching a pullback level of $0.128. Below this level lies $0.12. The $0.11 level is the major support to watch for a dip. Sentiments may change to bearish if that support breaks down.

April’s breakdown point of $0.145 now serves as key resistance. A push above it could bring a test at $0.154, which coincides with the diagonal resistance trendline, before breaking higher to the $0.163  and $0.168 resistance levels.

Key Resistance Levels: $0.145, $0.154, $0.163

Key Support Levels: $0.128, $0.12, $0.11

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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