Chiliz token CHZ has fallen nearly 14% in the past 24 hours, breaking its weeks-long consolidation pattern. With the price breaching key support, market focus is now shifting to the next support zone of $0.028 to $0.030.
Futures trading volume increased while open interest decreased.
This decline occurred amidst overall pressure on the crypto market, but CHZ's weakness was more pronounced. The article notes that CHZ attempted to rebound multiple times in the past few weeks, but consistently failed to hold above key resistance levels, with upward momentum continuing to weaken.
Derivatives data also showed weakening market sentiment. CHZ futures volume rose nearly 50% during the decline, but open interest fell by more than 18%. This combination typically means that some traders chose to close out their positions rather than continue to add to their bets on a rebound.
- Futures trading volume increased by nearly 50%.
- Open interest fell by more than 18%.
- The stock price fell by nearly 14% in 24 hours.
The consolidation range of several weeks was broken.
From a price structure perspective, CHZ has broken below the lower edge of the symmetrical triangle that had held for several weeks, and has also lost support from the upward trend line. The consolidation range, which some traders had previously viewed as a basis for a recovery, has been weakened by this break below.
The article also points out that CHZ had previously encountered resistance multiple times in the $0.048 to $0.050 range, and the rebounds had consistently failed to sustain. As this range remained unbroken for an extended period, market buying interest gradually weakened, ultimately amplifying the downward pressure.
Market focus is on the area around $0.03.
Currently, the market is more focused on the $0.028 to $0.030 range. This range served as a major support level during the previous correction phase, and if the decline continues, prices may move further towards this level.
Meanwhile, the previous $0.041 to $0.043 area may turn into new short-term resistance. If subsequent rebounds fail to regain this level, the weak structure of CHZ may continue. In the coming trading days, whether buying can hold the nearby support will be key for the market to judge the short-term trend.
