- CHZ is among the top 10 purchased tokens in the past 24 hours.
- The Chiliz token has been on a bearish trend for a few days.
- Indicators show a more bearish trend is to continue.
Investors have been optimistic about CHZ due to their increased buying pressure on the token. CHZ is ranked among the top purchased tokens in the past 24 alongside the top coins in the crypto space.
Despite all these exemplary CHZ achievements, it is still on a bearish momentum for the past few days. The bears have been in control for the last week in CHZ market; the bulls have tried several times to reverse the market but failed.
Several of the leading cryptocurrencies have had significant drops recently, including Chiliz. Over the past day, CHZ’s price has dropped by 1%, from $0.1129 to $0.11.
On the other hand, because of the influence of the whales, CHZ’s 24-hour trading volume surged by 25% to reach $38,092,548. While the market capitalization has declined by 0.95% reaching $674,946,131 indicating strong market volatility.
The prior support now serves as the main resistance level at $0.1093 and $0.1124 on the daily chart after it was broken down. The price now exits the symmetrical triangle formation and trades towards the area of support. We might anticipate a trade below $0.10 if the price strikes the support level.
However, if bulls pull off a successful coup during this negative period, we can anticipate a pullback to the price’s resistance level of around $0.1124. Chiliz is trading below the 200 MA, and the 50 MA indicates that the bearish trend may last for some time. As Chiliz moves away from the oversold region, the RSI reading of 29.14 and its upward trajectory give traders hope. The bear may regain control if the bulls fight on.
The recent trend of the MACD into negative territory, with a reading of -0.0175 and below the signal line, supports our bear domination projection in the CHZ market. To withstand the bears and reverse the current position, the bulls must keep the support level in place and push prices higher.
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