Chiliz (CHZUSD) Prices and Face a Potential Downturn
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CHZUSD Analysis – The Sellers Aim to Press Lower
Chiliz prices and face a potential downturn. The Chiliz market is currently exhibiting signs of weakness after consolidation. While buyers managed to push the price above the crucial $0.0660 support level following a rally from $0.04010, the recent price action suggests a potential loss of momentum.
CHZUSD Key Zones
Resistance Zones: $0.1330, $0.1500
Support Zones:$0.0660, $0.04010
The $0.0660 level has been acting as a support for Chiliz. However, the current consolidation phase coupled with bearish signals from technical indicators raises concerns about the sustainability of this support. A breakdown below this level could accelerate a downward trend. The Moving Average is nearing a bearish crossover, suggesting a potential shift in momentum in favor of sellers.
Additionally, the RSI ( Relative Strength Index) is edging lower, indicating decreasing buying pressure and increasing bearish sentiment. Given the potential for a bearish reversal, traders should exercise caution. Short-term traders might consider short positions if the price breaks below the $0.0660 support level.
Market Expectation
Chiliz is still facing increased bearish pressure as the market consolidates above the $0.0660 support level in the short time frame. A breakdown below this level could trigger a more pronounced downward move. The Moving Average crossing and the RSI currently support bearish sentiment despite the consolidation. The traders looking for a way out should consider a potential threat to the $0.0660 price level. A break below this key zone means sellers have gained momentum once again in the market.
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