CHZ is currently trading within the Green support zone, between $0.0713 and $0.0745, and is still moving below a descending trendline that has been in play since early December. The chart signals a strong possibility of a bullish reversal, though a confirmed breakout is crucial before making any decisions.
For bullish momentum to build, CHZ must break above the descending trendline with conviction. If it manages to do so, the price could experience a sharp rally as buyers enter the market. This breakout could drive CHZ toward the Blue resistance zone, located between $0.0951 and $0.0994, where selling pressure is likely to increase. If the rally continues, the next target would be the Yellow resistance zone at $0.1311 to $0.1354.
On the other hand, if CHZ fails to hold the Green support zone, it might drop to the Pink support zone at $0.0605 to $0.0626. This area has historically attracted strong buying interest, and as long as it remains intact, the bullish outlook for CHZ stays valid.
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