Chiliz Continues Downward Trend as Price Leaves Premium Zone
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CHZUSD Analysis – Decline After a Market Structure Shift
Chiliz continues its downward trend as the price leaves the premium zone. The market’s order flow has flipped bearish. This was followed by a market structure shift as the price invalidated major lows along its path. As per the MA Cross, CHZUSD might remain bearish for a long time.
CHZUSD Market Zones
Resistance Zones: $0.1320, $0.1680
Support Zones: $0.0840, $0.0700
CHZUSD was trading within $0.0840 and $0.0700 price levels as the year 2023 ended. A pivotal shift occurred following the breakout from the trading range, marking the onset of a substantial bullish trend. This momentum was catalyzed by a surge in buying pressure originating from the aforementioned trading range, resulting in a remarkable uptick in the value of Chiliz. As the price chart exhibited a pattern characterized by higher highs and higher lows, it became evident that CHZUSD was firmly under the control of bullish sentiment.
The dominance of the bulls was further underscored as the price continued its ascent, eventually peaking at $0.1680. This significant milestone not only reflected the strength of the bullish trend but also signified a notable resurgence in investor confidence in Chiliz. However, the market’s environment changed as the bears stormed the market after the price hit $0.1680 resistance. The price crashed notably, causing a market structure shift as lower highs and lower lows began to form. CHZUSD recently reversed after hitting the Breaker Block in the premium zone. The price is likely to continue to decline owing to the increasing momentum of the downtrend.
Market Expectation
The bearish trend has resumed on the four-hour chart. The ongoing decline was sponsored by the rejection of the price at the Breaker Block in the premium zone. This led to the invalidation of the diagonal support, thereby increasing the selling momentum in the market. CHZUSD is expected to continue downward until the price enters the $0.0840 demand zone.
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