Chiliz (CHZ) remains in a clear downtrend on the daily chart. So far we have not managed to break through it and confirm resistance as support.
We are currently trading at around USD 0.2 and thus below the Daily EMA Ribbons, at which we were last rejected. The trading volume has also once again decreased significantly.
For CHZ, we need an impulsive move with increasing volume above the red downtrend line to speak of a first reversal. Otherwise we could see lower prices to around USD 0.15 again.
We can see a similar picture in the CHZ/BTC daily chart. Here, too, we are still in a clear downtrend, having so far failed to form a higher high.
Furthermore, we are in the middle of a large green support zone/key level, which continues to give us strong support. This zone must not break, otherwise there is a risk of strong sell-offs.
At the same time, a double bottom chart pattern could be forming. Here, the monthly resistance P forms our neckline and thus our resistance line, which we have to break through to the top.
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