Chiliz (CHZ) Crypto Faces Bearish Rage; Price Dropped Over 15%

• CHZ crypto price has declined 15.93% in the last seven days’ sessions at the time of writing.
• A decrease of 4.10% was also observed in the price during the intraday trading session.
• The 24-hour trading volume has reached over $179 Million, with an increase of 65%.

Chiliz (CHZ) is an open-source, decentralized cryptocurrency for sports and entertainment purposes. It operates on Socios (a blockchain-based sports platform), which allows users to participate in the governance of sports brands. 

CHZ is a native token that gained a lot of love from investors and traders till March 2024. However, the token price is experiencing some adverse drawbacks in current sessions. Let’s find out the investing opportunities regarding this project.

How Far Will the CHZ Crypto Price Fall?

Chiliz crypto price has shown huge profits since September 2023. The price reflected positive profitability for seven consecutive months, collectively reflecting nearly 170% returns. Subsequently, the initial profit bookings started in April 2024 because of the $0.1646 major supply zone.

However, the bullish response has also shown in the price from the $0.0848 demand zone. This resulted in an upsurge of 31.75% in the CHZ price in May 2024. Moreover, the bulls failed to cross above the bearish congestion of $0.1646, and once again, the bullish sentiments weakened and shifted to bearishness.

Supply and Valuation of the Chiliz Crypto

Chiliz has an uncapped token supply, which means the crypto project can have as many tokens as it wants. It has released over 8.88 Billion tokens in current circulation in the market. The current market cap stands at $1.05 Billion, making this crypto under the top 80 most dominant cryptocurrencies in terms of market cap domination.

Technical Analysis of the Chiliz (CHZ/USD)

Source: CHZ/USD Daily Chart by TradingView

The long-term bullish outlook is reflected above the key exponential moving averages. However, the current price is moving between the 50-day and 200-day EMAs, indicating an uncertain short-term trend.

CHZ price has faced strong selling pressure from the $0.1646 resistance level. Afterward, it has shown an almost 28% adverse movement from that resistance. The current price is hovering above the $0.1156 bullish point of interest (POI). At present, the price reflects a bearish view of CHZ crypto when applying the price action strategy.

The relative strength index (RSI) shows an internal bearish divergence in price momentum, indicating increasing selling pressure. The RSI is downsloping at 40.24 below the SMA line.

Summary

Chiliz crypto price has been experiencing bearish sentiments since early April 2024. It performed in a sideways market structure, reflecting the trend’s uncertainty. Bears maintained strong resistance at the $0.1646 supply level. 

According to the price action analysis, CHZ current price reflects a bearish view. However, a bullish view can also be expected above $0.1483.

Technical Levels

When writing, the immediate resistance for the CHZ price was $0.1483, and the $0.0968 level was the next support. A sharp price rise can be expected if the price breaks above the upper resistance. Similarly, a drop below the mentioned support can lead to a price pullback to lower levels.

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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.