Chiliz (CHZ) surged significantly in the past 24 hours, with the second-highest gain after Near Protocol (NEAR), and trading volume skyrocketed 80% to $80.41 million. However, technical analysis shows that the asset is testing a strong mid-range resistance within the descending channel, the MACD indicator has issued a bearish crossover, and open interest has increased to $44 million, indicating an increase in leveraged long positions. This pattern suggests that if the recent rally (partly driven by short covering) fails to break through the resistance level, there is a risk of falling into a bull trap.