Chiliz Crypto’s Trading Volume Dropped by 50%; What’s Causing It?

• About 99.99% of the total supply of the Chiliz crypto is circulating in the cryptocurrency market.
• Since May, the CHZ crypto price has been struggling below the $0.160 level.

The Chiliz price has been in a bullish trend since September 2023 and has gained around 120% till now. At the beginning of March, the CHZ price reached a 52-week high and showed weakness. Buyers tried for the last swig high but were unable to hold. 

The Chiliz crypto price attempted thrice to overcome the $0.160 hurdle, but profit booking on a higher scale was seen, which caused strong selling pressure. Chiliz’s price has recently defended the $0.100 support, and slow and steady growth has been detected since mid-April.

At the time of writing, the Chiliz price traded at $0.133, which has lost 0.46% in the last 24 hours. Its market capitalization is $1.18 billion, and the 24-hour trading volume is $176.37 Million.

Price vs. Social Dominance Analysis

The graphs suggest that the interactions on social media sites like Instagram and X have remained constant since March. 

In the past few days, engagements on social media have increased. It has helped the CHZ price in gaining bullish momentum. Moreover, the change in social dominance can affect the price.

Chiliz Price Prediction: Are Sellers About to Dominate?

The Chiliz price has been on a bullish trend for a long period. The digital asset price has surpassed the key moving averages but seems to be gaining bearish momentum. The trading volume has dropped by 50% in the past few hours, which may lead to a bearish forecast.

Suppose the CHZ crypto price slips below the 200-day EMA and sustains, the sellers may target the major support level of $0.075. If it fails to defend the significant support level of $0.075, then a bearish trend in the long term can be initiated.

On the other hand, if the CHZ crypto price is sustained over the key moving averages, it may easily extend to the strong resistance level of $0.160. Assuming the Chiliz price triggers a breakout from the $0.160 hurdle after the consolidation, a strong bullish momentum for the long term is possible.

Is Chiliz a New Gainer?

Based on a source from ‘X,’ the Chiliz crypto price can be a new top gainer on Binance. Its current price is $0.133, and it has witnessed a positive change of 10.8% in the past 24 hours. Its fundamentals seem strong. Therefore, it might become a new gainer on Binance.

Conclusion

Considering the recent drop in trading volume and the potential impact of social dominance on CHZ price, keeping a close eye on the market dynamics is crucial. A long-term bearish trend might initiate if the CHZ price fails to defend the major support level of $0.075. 

On the other hand, sustaining over the key moving averages could pave the way for a strong bullish momentum. It can potentially lead to an extension to the resistance level of $0.160.

Technical levels

The Chiliz price is expected to face resistance from the $0.135 and $0.160 levels if it gains bullish momentum. The digital asset price may take support on the $0.100 and $0.075 levels in the next trading sessions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Krystian Bielanski