Chiliz (CHZ) rebounds as broader market support builds

Chiliz has been on a notable gain during the past 24 hours. The gains made have coincided with recovery across the cryptocurrency market. Most cryptocurrencies are trading in the green zone, resulting in the total market cap making slight gains.

Chiliz (CHZ/USD) was trading at $0.239 at the time of writing, according to data from CoinGecko. CHZ is still around 72% below its all-time high.

Chiliz makes an uptrend

Following the gains made during the past 24 hours, CHZ climbed from around $0.22, and it tested the resistance level at $0.25. However, the buyer support was not strong enough for the token to reach these levels.

If CHZ continues with this uptrend, it will test this resistance level again, after which it can set the next target at $0.28. The buyer and market support are currently strong, and CHZ might break through this resistance level. If it manages to do this, it will rally towards $0.30, after which it will have set a new monthly high.

If the market support continues to build and a strong bullish sentiment is established in the market, the price of CHZ could head towards the higher levels of $0.50. If it breaks past $0.50, CHZ will be on track to surpassing levels created in November when the market was at its peak.

Chiliz could make a dip

The price of CHZ could also head towards a dip. Currently, most coins are testing higher resistance levels. Testing these levels could prompt short-term traders to sell out of speculation that the trend will reverse again. If CHZ loses market support, it will head towards a dip.

Once CHZ dips, it will test the lower support level of $0.21. The token could test this resistance level if the buying pressure drops. If the selling pressure intensifies, it will dip to $0.19, after which further dips to $0.15 will be made. Chiliz is currently following the market trend, and the broader trend will influence dips or gains.

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