Chiliz (CHZUSD) Bears are Testing Key Support as Buyers Lose Strength
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CHZUSD Analysis – Buyers Have Lost Their Grip on Power
Chiliz bears are testing key support as buyers lose strength. CHZUSD is currently facing pressure from bears as they test the significant zone around $0.073800. Last week, the bears managed to break past the $0.080000 price level, indicating their intention to push the price lower. With the ongoing bearish momentum, Chiliz buyers will likely continue to lose strength.
Chiliz Key Levels
Resistance Levels: $0.095700, $0.073800
Support Levels: $0.066700, $0.054400
In December, the Chiliz price traded within a range-bound pattern, with market participants trading between the boundaries of $0.095700 and $0.073800. As we enter the new year, there has been an attempt to push the price below the significant zone of $0.073800. If sellers become more aggressive, it is more likely that the price will break through the key zone of $0.066700.
Analyzing the indicators, the Money Flow Index (MFI) is currently below 40, indicating a lower flow of money into the asset. This suggests selling pressure and a lack of buying interest. Additionally, the Relative Strength Index (RSI) is leaning towards selling strength, further reinforcing the bearish sentiment.
While the bulls may face challenges in the fight for a breakthrough, it is important not to rule out the potential for buyers to regain momentum. If sellers fail to maintain their dominance, the trading range may continue, providing opportunities for buyers to regain control.
Market Expectation
In the shorter time frame, sellers are making another attempt to push the price lower. The market picture on the 4-hour chart shows bears exerting a stronger influence. The RSI indicator indicates a stronger selling force this week, suggesting that sellers may engage even below the significant level of $0.073800.
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