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CHZ Breakout Brewing? Falling Wedge Rebound Signals Path Toward $0.30
CHZ breaks upward from 3-year wedge base with key support holding between $0.026–$0.033.
MACD crossover on August 3 triggers bullish momentum with volume spikes backing price surge.
Market cap surged from $340M to $420M as bulls took control.
Chiliz (CHZ) is showing bullish signs of a breakout after reclaiming support inside a long-standing falling wedge. Momentum, volume, and structure all point toward a potential run to higher levels.
CHZ Bounces Off Wedge Support With Strength
The weekly chart shows CHZ has stayed inside a falling wedge pattern since March 2021. Price just rebounded off the lower wedge boundary near $0.033. This area has acted as a reliable support zone for over two years.
Currently, CHZ trades around $0.04357 after touching the wedge base. Support between $0.026 and $0.033 has held firm across multiple tests. This latest bounce came with a clear pickup in buying interest.
The Relative Strength Index (RSI) sits near 45 on the weekly timeframe. In past cycles, RSI levels near 30–35 triggered strong rebounds. A bullish divergence is visible, with higher RSI lows against lower price lows.
The wedge structure has now recorded five clean touches on both resistance and support confirming a mature pattern. If price closes above the descending trendline, it opens the door to breakout targets at $0.055 and beyond.$0.05804 remains the key dynamic resistance ahead.
MACD and Volume Fuel Short-Term Rally
The 4-hour chart on TradingView shows CHZ trading near $0.04338 after a strong recovery from $0.03500 on July 25. Since then, higher highs and higher lows formed a clear bullish channel.
Source: CryptoRank
The MACD confirmed a bullish crossover on August 3. Since then, momentum has picked up. The MACD line currently holds above the signal line, with green histogram bars increasing steadily.
Volume stands at 8.88 million. Most of it has come during price moves to the upside, backing buyer conviction. Short-term resistance now sits at $0.04680. A break above this level may push price toward the $0.055 target.
Market Cap Jumps $80M in a Week
As per CoinMarketCap data, between August 3 to August 9, CHZ’s market cap rose from under $340M to over $420M, a 23% gain in just six days. August 6 saw short-term volatility, but the dip was quickly bought up. Momentum accelerated on August 8 as CHZ broke past the $400M threshold. Price held those gains through August 9.
Volume remained steady during consolidation and increased during each breakout. This aligns with classic accumulation-to-expansion phase behavior.
The post CHZ Breakout Brewing? Falling Wedge Rebound Signals Path Toward $0.30 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.