$CHZ is deeply compressed, and that is exactly why it starts becoming interesting from a bullish perspective.
The drop from 0.0502 into the 0.018 region has already repriced a massive amount of downside, and now price is beginning to stabilize near the lows instead of extending the breakdown.
When an asset spends time basing after a large drawdown, it often marks the transition from panic selling into accumulation.
The key bullish argument here is not immediate strength but asymmetry: downside is increasingly exhausted while even a modest recovery can produce a meaningful percentage move. If CHZ holds above the recent floor, this can become a classic bottoming structure.
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