- Chiliz is currently down by about 8.81%.
- CHZ recently broke out its symmetrical triangle and trades close to its support.
- The price of CHZ could drop as low as $0.1300 in the coming days.
Following the trends of the main coins, Bitcoin and Ethereum, Chiliz price fluctuated negatively by over 8.81% in the past 24 hours. With the 90.56% increase in the trading volume of Chiliz, it can be assumed that the bears have the upper hand in the CHZ market.
After breaking down the previous support on the hourly chart, the previous support now acts as the primary resistance level at $0.1553 and $0.1536. The price now breaks out of a symmetrical triangle pattern and trades close to the support region. If the price reaches the support level, we can expect the price to trade below $0.13.
However, if bulls tend to make a coup in this bearish era, we can expect the price to have pullback to its resistance level at $0.15. Since Chiliz is below both the 200 MA and 50 MA, we can observe that the bearish era might continue for a while.
The RSI reading on the Chiliz of 28.79 and its upward movement provide traders with some fingers crossed as it moves away from the oversold area. If the bull continues to fight, bear control may be reversed.
Bollinger bands are expanding on the 1-hour chart, which is aided by a 90.56% increase in 24-hour trading volume. The upper band is at $0.1530, while the lower band is at $0.13, which acts as a resistance and support level for Chiliz.
This bear supremacy forecast in the CHZ market is supported by the MACD’s recent fad into negative territory, with a reading of -0.0034 and is below the signal line. The bulls must maintain the support level and drive prices higher to defy the bears and counteract the current situation.
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