Chiliz (CHZUSD) Falls After Holding Ground For a While
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Market Analysis – Chiliz Sellers Push Price Lower
The crypto price has been on a fierce ride between buyers and sellers. After holding its ground for a while, the crypto price is now trimming lower, losing its grip at the $0.0630 market area and currently trading at $0.0560. The bears seem determined to keep the buyers at bay, as the Chiliz price has been dominated by selling pressure since the start of the year.
CHZUSD Key Zones
Resistance Zones: $0.0760, $0.1000
Support Zones: $0.0520, $0.0430
The past month has been a challenging one for Chiliz investors. In July, the sellers swept through the $0.0760 significant level, leading the Chiliz price to dip further down to the $0.0430 key level.
However, the buyers stepped in and began fighting back, contending for dominance. The traders have only managed to push the price back up to the $0.0630 significant level, which has now been followed by another drop.
The Moving Average crossing has shown a bearish signal, indicating a rise in selling pressure. The momentum indicator has also signified a drop in the crypto price.
Market Expectation
On the lower time frame, the sellers are still pushing, and the momentum indicator is dropping, suggesting that the bears remain in control.
Despite the current bearish sentiment, a stronger resolve from the buyers can still put them back on course. However, a drop back to the $0.0520 significant level may play out before the buyers can make a comeback. The current market atmosphere remains hopeful of buyers regaining control, but a spike in selling pressure can quickly change the course of the market.
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