Chiliz (CHZUSD) Bears Could Break Further Below The $0.066800 Significant Zone
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CHZUSD Analysis – The Bears Are Lurching Around the $0.066800 Key Zone
CHZUSD bears could break further below the $0.066800 significant zone. Recent activity in the CHZUSD market has been decidedly bearish, with traders displaying an indecisive attitude at the end of May and a subsequent breakout as the Bollinger Band indicator showed compression in the price. This selling pressure has been maintained for several days, and the recent sharp drop in the market has been attributed to a liquidity purge by the sellers.
CHZUSD Key Levels
Resistance Levels: $0.130900, $0.100910
Support Levels: $0.087400, $0.668000
As the market continues to play out in the coming days, the bears will likely break below the significant $0.066800 level. This could be due to a lack of buying activity or a long-term trend of bearish sentiment.
If buyers do not enter the market and the bearish pressure continues, the CHZUSD price could experience further declines. To protect against this, traders should take a defensive approach and avoid taking large risks. Setting stop-loss orders and taking profits at key levels is a good way to protect your capital.
As the market continues to decline, traders should be more cautious when placing trades. The RSI (Relative Strength Index) has reached its lowest point, suggesting that it is time to shift to a buying setup. The Parabolic SAR (Stop and Reverse) indicator, however, still suggests a tendency to sell, so sellers must be aware of the potential for prices to drop further.
Market Expectation
Market ExpectationIt is vital to know that a break below the $0.066800 mark is still possible in the upcoming days. Traders should take these indicators into account before entering the market, as the current market conditions could be unpredictable. Furthermore, as the market is in a period of decline, it is important to carefully monitor prices and look for any signs of a potential reversal.
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