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<p>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.</p>
<p>Leading crypto trader The Crypto Titan’s <a href="https://x.com/cryptotitans11/status/1760188387515138285?s=20" target="_blank" rel="noopener noreferrer nofollow">noted</a> on X that CHZ breached a multi-week descending price channel on the weekly time frame, tweeting “$CHZ is Breaking out from the Descending channel in the weekly timeframe.” The Crypto Titan’s set an initial price target 150% higher, stating “our first TP would provide us 150% ROI Planning for some Massive Returns.”</p>
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<p>Echoing this bullish view, analyst World Of Charts <a href="https://x.com/WorldOfCharts1/status/1760237289983168931?s=20" target="_blank" rel="noopener noreferrer nofollow">tweeted</a> that CHZ has started its anticipated breakout, writing “$Chz Started As Expected Breakout Has Already Confirmed &amp; Running In 17% Profit So Far.” According to World of Charts, CHZ still has significant upside potential from current levels.</p>
<p>Similarly, analyst Captain Faibik <a href="https://x.com/CryptoFaibik/status/1760163863406973050?s=20" target="_blank" rel="noopener noreferrer nofollow">pointed</a> 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.</p>
<h2 class="wp-block-heading" id="strong-price-action-and-market-sentiment-strong"><strong>Price Action and Market Sentiment</strong></h2>
<p>As of this writing, CHZ trades around <a href="https://www.coingecko.com/en/coins/chiliz" target="_blank" rel="noopener noreferrer nofollow">$0.117</a>, 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.&nbsp;</p>
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<p>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.</p>
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<p>The post <a href="https://captainaltcoin.com/chiliz-chz-breaks-out-of-downtrend-as-analysts-eye-further-upside/" rel="noopener noreferrer nofollow">Chiliz (CHZ) Breaks Out of Downtrend as Analysts Eye Further Upside</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Chiliz (CHZ) Breaks Out of Downtrend as Analysts Eye Further Upside

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