Chiliz Price Analysis: Will CHZ Reach $0.075 This Year?

• CHZ is presently trading in a bearish downtrend.
• It is currently trading at $0.0598 with a repulse of 1.36% in the last 24 hours.
• The token is down from its all-time high by 93.29%.

The CHZ token has been recording remarkable losses of 55.27% in the last 6 months and 21% in the last 3 months. The token marked its yearly high of $0.1792 in the month of February.

It is currently trading with a drop in the trading volume by 41.23% in the last 24 hours.

CHZ token marked its all-time high on 13th March 2021 when the token was priced at $0.8915.

The current market capitalization of the token is $447.13 Million. It has a current circulating supply of 7.47 Billion CHZ which is 84.13% of its total supply. The 24-hour trading volume of the token is $16.59 Million.

CHZ Token Sentiment Analysis

The total market volume of the token increased by 3.63% in the last week. Total social engagements have a rise of 112.8% and the total bullish sentiments have also increased by 10.92%.

The total bearish sentiments have also increased by 122.2% which means that bearish sentiments are more likely and the price may fall soon.

Overall sentiments are indicating a bearish move as the volume is declining in the daily time frame.

Technical Analysis of CHZ in Daily 1D Timeframe

The chart shows that the price was rejected from the resistance level of $0.0658 and came down to $0.0550. From there, the price took support and tried to move upside down but faced rejection from the level of $0.0598. 

Post rejection, the price took support from the level of $0.057 and got an upward movement and this time the price broke the resistance level of $0.0598. The price moved upward to $0.0650 and got a rejection from there. 

It is currently trading at the support level of $0.0598 which was earlier a resistance but now it is acting as a support. The price is presently below the 50-day EMA which is a bearish sign for the price.

If the price falls below the level of $0.598, then the next support level is at $0.0571. If the price falls further from $0.0571, then the support is at $0.0550.

However, if the price takes support from $0.0598 with a good volume and gets above 50-day EMA, the price can reach $0.0650 and $0.658.

Technical Indicators About CHZ

Relative Strength Index (RSI)

The RSI line is presently moving at 49.50 points and the SMA 14 is moving at 50.26 points. It is below the neutral level of 50. If the RSI starts falling, then the price can give a bearish move. If the RSI moves above the neutral level and starts to move upward, then the price can increase.

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is above the red slow line moving average. The histogram is showing significant falls in volumes which is a bearish sign and the price may start falling.

Conclusion

The current scenario in the CHZ price says that it can be bearish for the short term as the volume is currently decreasing which is a negative sign. If the volume starts to increase and the price successfully takes support from the level of $0.0598, then the price can move upwards.

Technical Levels

• Support Level: $0.0571 and $0.0598
• Resistance Level: $0.0650 and $0.0658

Disclaimer: 

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.