Chiliz (CHZ/USDT) Shows Weakness After Rejection From Supply Zone
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CHZ/USDT Price Analysis: CHZ/USDT Reacts After Testing a Key Resistance Zone
CHZ/USDT pushed higher with strong momentum before meeting heavy resistance near the $0.0625 supply zone. After the rejection, price formed a change of character (CHoCH), signaling a possible shift from bullish to bearish structure.
CHZ/USDT Key Levels
Support Levels: $0.0435, $0.0340
Resistance Levels: $0.0575, $0.0600
On the daily timeframe, price shows exhaustion after the rally and rejection from the upper resistance zone at $0.0600. Candles are forming below the moving average, confirming that bullish momentum is weakening. The market is also reacting around a prior order block at $0.0500, which acted as short-term resistance.
The daily timeframe also shows the Stochastic Relative Strength Index (RSI) in the overbought zone when the market reached the Order Block (OB) at the price level of $0.0460. This may signal a pullback toward the OB at $0.0490, followed by possible downtrend continuation. Price reacting near the lower band of the Bollinger Band also shows another pullback signal.
Market Expectation
On the 4-hour timeframe, price formed a change of character (CHoCH) and a bearish break of structure (BOS). The OB at $0.0500 was retested as a resistance zone before the market continued the downtrend. There is a decrease in volume during the pullback near $0.0500. All these confirm a bearish structure.
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