- CHZ Token price action forms a consolidation range, trapping a considerable amount of underlying momentum..
- The sudden increase in the selling pressure failed to give a closing below the consolidation range.
- The pair of CHZ/BTC is trading at 0.000005314 BTC with an intraday move of -2.58%
CHZ Token price action makes a long consolidation range in the 4-hour chart. The recent increase in selling pressure due to sudden bearish attack on the entire crypto-verse failed to give a closing below the consolidation range,
Pivot point analysis has shown that the resistance levels of the Token are at $0.40, following $0.54. However, if the price drops below $0.28, sellers could face resistance at $0.20
CHZ Token trades for $0.3151 and has experienced a 6.97% fall in market capitalization within 24 hours. In addition, the intraday trading volume increased by 113% over the last day.
Bearishness On The Rise in CHZ Token Price.
Investors can soon see the price break the support level of the consolidation if the downtrend sustains the volume growth. Traders can find entry opportunities upon the breakout of the range in the 4-hours chart.
The RSI indicator projects a rise in underlying bearishness of CHZ token price as the slope steeps lower to the oversold territory in the daily frame.
The MACD indicator displays the MACD and the signal line falls below in the daily chart. Moreover, the bearish crossover generates a sell signal.
Conclusion: CHZ Token price indicates a boom in underlying bearishness with the recent bearish engulfing candlestick. Hence, investors can expect the coin price to touch the $0.20 mark shortly if the selling volume sustains and the price breaks below the consolidation range.
Support – $0.24 or $0.20
Resistance – $0.40 and $0.54