- CHZ doesn’t look bullish after the token went down by 12.43% during the intraday session
- It also observed a loss in its market cap and trading volume in the last 24 hours
- Chiliz has its current market price right in the middle of its annual high-low price spectrum
Chiliz, or CHZ, is undergoing a bearish trend after breaking hopes by discontinuing its upclimb. The token with a market dominance of 0.11% had its market cap reduced to $2.9 billion, with a decrement of 11.5%. The same happened with the trading volume as it faced a loss of 19.5%, rounding off its final price to $750 million in the last 24 hours. The 58th ranked token paired with BTC and ETH also saw significant intraday decrements of 4.16% and 3.87%, respectively.
The chart of 30-minute time-framed candlesticks can help us get the idea of the short term. The token stayed bullish in the last week but took a wrong turn down the chart. The current market price is below the three major EMA lines. Earlier, the candles stayed above these lines for most of the time. The sudden reversal in their positions indicates a short-term bearish force’s presence. The 200 EMA line has recently passed through the red candle and suggests a breakdown in effect. The trend line (purple line) with the upper resistance level creates a descending triangle pattern. Such a pattern is a clear indication of a bearish trend.
Oscillators suggest a waiting time before buying at the current price
The MACD in the 4-hour time frame chart indicates a continuation in the dip. The MACD line is above the zero level. However, the current end of its curve is pointing downwards to the neutral level and is currently divergent with the histogram. Therefore, it is safe to say that one should wait for more price dump before considering buying Chiliz. The RSI level is currently quite near to the overbought zone but is staying in the neutral zone. CHZ’s strength is weakening due to the sudden downward momentum.
The resistance is at $0.535 and $0.582. The support can is at $0.428 and $0.456.
Conclusion- CHZ is going to experience the dump and one can expect the fall in its value to continue for some more time before the token finally gets into the demand zone. Then the person can think of buying the asset for a long position. However, an investor is free to invest whenever he wants but should do so responsibly.
Resistance- $0.535 and $0.582
Support- $0.428 and $0.456