The cryptocurrency market is under significant selling pressure, with many altcoins losing their bullish momentum. However, certain technical indicators suggest a possible reversal and recovery opportunity for Chiliz (CHZ).
Current Market Situation
The cryptocurrency market has been under significant selling pressure in recent weeks, with Bitcoin dominance increasing further pressuring the altcoin market. Chiliz (CHZ) has seen a decline of over 49% in the past 60 days.
Technical Analysis of CHZ
According to crypto analyst [@bitamberly](https://x.com/bitamberly/status/1889341967902908488), CHZ remains within a descending channel that began after the last bull run of 2021. The recent correction led to a drop towards a support zone at $0.044, from which CHZ rebounded to $0.058. Key resistance levels for CHZ are: $0.085, $0.165, and $0.340.
Final Thoughts
CHZ is showing resilience at its key support level, hinting at the possibility of a trend reversal. Traders should monitor breakout signals closely to determine the next price movement.
While the cryptocurrency market remains pressured, Chiliz (CHZ) shows potential for recovery. The outcome will depend on broader market conditions.
