The cryptocurrency Chiliz (CHZ) has recorded a 2.29% gain in the last 24 hours, trading at approximately $0.038. Analyst Jonathan Carter notes the token is consolidating within a long-term falling wedge pattern on its two-week chart, a setup often preceding a potential bullish reversal. Key momentum indicators show a neutral stance, with the RSI at 46.61 and the MACD hinting at weakening bearish pressure, as the market awaits a potential breakout.
The price of Chiliz (CHZ) has moved positively alongside a broader market uplift led by Bitcoin. According to data from CoinMarketCap, CHZ is trading at $0.03831, with a 24-hour trading volume of approximately $54.17 million and a market capitalization near $394.28 million.
Crypto analyst Jonathan Carter pointed out that CHZ is currently consolidating inside a long-term falling wedge on the 2-week timeframe. “The pattern remains technically intact as selling pressure gradually weakens, while buyers show early signs of absorption,” the analysis stated.
Price compression is tightening, suggesting volatility is building for a major directional move. In case of a breakout supported by sufficient volume, upside objectives are projected at levels including $0.050 and up to $0.850.
According to TradingView data, the Relative Strength Index (RSI) stands at 46.61, placing it in a neutral zone. This indicates the token is neither gaining nor losing significant momentum, reflecting a period of consolidation for traders.
The Moving Average Convergence Divergence (MACD) remains below the zero level but shows signs of convergence. The MACD line at -0.00018 is gradually moving toward its signal line, with the histogram indicating that bearish pressure may be weakening.
