Key takeaways
- CHZ rose about 5% in the past 24 hours and is approaching resistance near $0.05.
- Derivatives metrics point to bullish dominance in the current price action.
Chiliz outperforms the broader crypto market
Chiliz (CHZ) has been among the stronger performers in the top cryptocurrency ranks, gaining roughly 5% over the last 24 hours. After this recent move, CHZ is trading around $0.049 and appears positioned to test higher levels if momentum holds.
Technical momentum remains constructive, suggesting the rally could extend in the coming hours and days.
Data from CoinGlass indicates that futures open interest (OI) for Chiliz climbed to about $80 million on Tuesday, up from $58 million the previous week. This marks the highest OI for CHZ since January and suggests increased participation and confidence from traders adding bullish exposure.
In addition, Chiliz funding rates turned positive on Sunday and reached 0.0043% on Tuesday, signaling that long positions are paying shorts and that bullish sentiment currently dominates the derivatives market.
CoinGlass’s long-to-short ratio for CHZ moved back above parity at 1.01 on Tuesday after spending more than a week below 1. This shift further supports a short-term bullish outlook.
Chiliz price forecast: The $0.051 resistance level remains a key challenge
On the CHZ/USD 4-hour chart, price action looks bullish and efficient, reflecting Chiliz’s outperformance versus the wider crypto market.
CHZ currently trades above important support areas following the recent upswing, and momentum indicators point toward continued upside potential.
The Relative Strength Index (RSI) sits near 58, indicating buyers have regained control while leaving room for further upside.
The MACD line has crossed into positive territory and the histogram is slightly above zero, which is consistent with a steady bullish bias.
If bulls maintain momentum, the first significant barrier is the recent swing high at $0.051. A daily close above this level would increase the probability of a continued rally toward $0.057 and potentially the January peak near $0.064.
On the downside, immediate support sits around the $0.047 inducement liquidity (ILQ) area. A failure to hold that level could expose lower support zones near $0.043 and $0.041, where buyers may look to step in.