- Chiliz Price Prediction is bearish for the short term but might perform in the long run.
- CHZ Price continues to trade below 50 and 200 day EMA shows downtrend.
- The pair of CHZ/BTC is trading at 0.00000254 with an intraday decline of -0.78%.
Chiliz Price Prediction remains bearish for the short term and trading near to the multi- year low.
The CHZ Price continued to decline by forming lower low swings and broke down $0.0800 support. It faced rejection from the 200 day EMA and also dropped below the 50 day EMA showcase downtrend.
However, the current price has gone far away from both the EMAs. So, a minor pull back or short covering rally is possible in the coming weeks.
The recent downfall occurred due to sell in across all over the crypto market. But bears are losing the momentum and failed to give the follow through which shows that buyers are still active.
Well the buyers look reluctant to build fresh long positions in the fear of further downfall. Therefore, the Chiliz price lacked direction and seems to be getting stuck into the narrow range of consolidation.
Chiliz Price is trading at $0.0680 with an intraday decline of -0.73% the 24 hour volume to market cap is 6.13%. Whereas, the CHZ/BTC pair is trading at 0.00000254 with an intraday decline of -0.78%.
The price chart looks similar to the USDT pair and sellers are continuing the dominance.
Will Chiliz Price decline further or take U-turn?
Chiliz Price fell 32% in the single week which is the biggest weekly fall in 2023. It disturbs the sentiment of the long term investors. If the CHZ Price declines further then it might test $0.0400 which is an important support level visible in charts.
In the recent fall CHZ price hit a low at $0.0585 which will act as an immediate support in the coming months. If buyers are able to defend the recent low then short term bounce is possible which will take the price to 50 day EMA.
The CHZ price will pick up the positive momentum when buyers are able to regain the $0.1000 level. Till then prices are expected to trade with bearish bias.
CHZ Price Analysis on Weekly timeframe
CHZ Price forming a bearish pattern on a multiple time frame and no signs of reversal are visible. However, the prices are in an oversold zone, So temporary bounce is possible to clear out the previous short positions.
If the overall crypto market recovers then it might positively impact the Chiliz crypto and reverse the trend.
The MACD curve is reserving upward and on the way to generate a positive crossover. It indicates that CHZ price is preparing for a pull back rally.
However, the price action denies the fact and does not show any positive signs. The RSI at 24 is highly oversold. Therefore, the downside risk is limited.
Conclusion
Chiliz Price Prediction remains bearish for a short period of time. However, the CHZ price is near to crucial support and buyers are struggling to defend it.
The technical analysis suggests, CHZ Price is oversold and a temporary pull back rally may trigger anytime.
Technical levels
Resistance levels: $0.1000 and $0.1426
Support levels: $0.0600 and $0.0400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.