Chiliz (CHZ) shows signs of a potential macro accumulation phase after a steep 98% drawdown from its all-time high, according to analyst Crypto Patel. Price action reacting from a monthly demand zone suggests institutional absorption, with projections indicating a possible 4,500% upside toward $0.94 if the structure holds. Momentum indicators point to a cautious outlook, with the RSI near oversold levels and bearish pressure potentially fading.
Crypto analyst Crypto Patel suggests Chiliz (CHZ) is showing signs of entering a macro accumulation phase. The token recently completed a 98% drawdown from its all-time high, with price now reacting from a monthly demand zone, signaling a potential base for a trend reversal.
High-timeframe charts reveal a strong reaction from macro support, with a 543% expansion from the demand zone. Patel suggests this indicates institutional accumulation at discounted levels, which is absorbing retail liquidity.
Projected targets for CHZ, assuming the macro structure holds, include $0.143, $0.297, $0.656, and $0.94. This implies an approximate 4,500% upside from current levels, as highlighted in a post by Crypto Patel. The narrative points to a deep cycle reset with CHZ experiencing monthly order block reactions and high-timeframe absorption.
According to TradingView data, the RSI value is at 35.34, while its 14-day moving average is at 38.06. The position at these oversold levels implies the recent decline may be nearing a temporary halt, with the slightly rising RSI indicating weakening bearish momentum. The MACD shows a negative histogram where the MACD line is at -0.00318, below the -0.00284 signal line.
The fading histogram bars indicate weakening bearish pressure. Although there is no bullish signal, the near-oversold RSI coupled with the consolidating MACD may indicate possible consolidation, while the overall trend remains bearish.
