The cryptocurrency Chiliz (CHZ) caught investors’ attention this past week after breaking out of a prolonged downtrend. According to expert analysts, the technical breakout could signal the start of a new bullish trend for the altcoin.
Leading crypto trader The Crypto Titan’s noted on X that CHZ breached a multi-week descending price channel on the weekly time frame, tweeting “$CHZ is Breaking out from the Descending channel in the weekly timeframe.” The Crypto Titan’s set an initial price target 150% higher, stating “our first TP would provide us 150% ROI Planning for some Massive Returns.”
Echoing this bullish view, analyst World Of Charts tweeted that CHZ has started its anticipated breakout, writing “$Chz Started As Expected Breakout Has Already Confirmed & Running In 17% Profit So Far.” According to World of Charts, CHZ still has significant upside potential from current levels.
Similarly, analyst Captain Faibik pointed to the break from the descending channel, suggesting CHZ now looks poised for a “Massive Bullish Rally.” Captain Faibik had previously noted that CHZ looked extremely bullish leading up to the eventual breakout.
Price Action and Market Sentiment
As of this writing, CHZ trades around $0.117, up over 14% in the past week according to CoinGecko data. With CHZ appearing to commence a new uptrend after its technical breakout, analysts will be monitoring price action and momentum indicators closely in the coming weeks for signs of continuation.
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Show more +The bullish forecasts by analysts suggest the altcoin could see its recovery rally extend substantially if the breakout sustains. Traders will be keeping a close watch on the nascent rebound.
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