- The price of Chiliz (CHZ) is currently below the 20-day, 50-day, and 100-day EMA levels.
- Chiliz (CHZ) is currently up by +3.73% in the last 24 hours, trading at $0.075.
- The current market value of Chiliz (CHZ) is $533.95 Million.
The cryptocurrency (CHZ) is linked to the Chiliz platform. A blockchain-based platform called Chiliz focuses on monetizing fan involvement in the sports and entertainment sectors. It tries to offer fans a method to utilize digital resources to take part in various activities and decisions made by their favorite teams or organizations.
The native cryptocurrency of the Chiliz ecosystem is the CHZ token. It serves a variety of functions, including fan voting, access to premium material, and communication with teams and organizations via the Chiliz platform. Non-fungible tokens (NFTs) are also used by the platform to produce distinctive digital goods and merchandise.
Technical Analysis
Chiliz’s (CHZ) price prediction in the weekly time frame chart has been trending downward. The price dropped after rising to a high of $0.975 in March 2021 and eventually hit a swing low of $0.767, showing a 0% change over a period of 1.5 years. Although at $0.767, it found support and started to move in the opposite direction.
The cost of Chiliz (CHZ) has been steadily fluctuating within a range and producing a declining triangle pattern over time. This pattern is often viewed as bearish, portending the possibility of greater market drops in the days to come. Chiliz’s (CHZ) general structure is flimsy, portending a decline in its price.
CHZ Price Analysis
EMA
The price is trading below the crossover of the 20-50 EMA, indicating bearishness, and it may continue to fall in the days to come.
This indicates that there are greater chances for the price to decrease because CHZ’s overall pattern and structure are in a downward trend.
MACD
According to the most current MACD data about CHZ, there maybe a negative trend and selling pressure because the MACD line is below the signal line.
A red bar in the histogram created by the technical indicator MACD, which has produced a downward crossing, suggests a possible downtrend.
RSI
The CHZ’s day’s RSI is currently looping around the 35 levels, indicating selling pressure from the higher levels. This is highly probable that the price will fall below the level.
Volume Analysis
The price estimate for CHZ’s 24-hour volume is $23.64 Million, which is -4% less than the previous 24-hour period. The rise in trading activity indicates that there are currently buyers in the market.
Conclusion
According to the analysis, the indicators are in favor of the bearish trend. This will lead the trend to continue downhill. The overall trend of the CHZ is now declining. All three indicators—MACD, RSI, and EMA—predict downward movement over the next few days.
Technical Levels
- Support – CHZ support level is $0.768.
- Resistance – CHZ resistance level is $0.3024.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.