Chiliz (CHZUSD) Price Struggles as Sellers Continue to Emerge
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Chiliz (CHZUSD) Analysis – Sellers Seek Further Downward Momentum
Chiliz (CHZUSD) price struggles as sellers continue to emerge. The current state of the cryptocurrency price necessitates additional momentum for a clearer trend to form. Chiliz (CHZUSD) has been accumulating below the significant level of $0.081800. This indicates a lack of decisive trading power from both buyers and sellers.
Chiliz (CHZUSD) Market Zones
Resistance Zones: $0.81800, $0.11000
Support Zones: $0.09670, $0.07200
Looking back at the first quarter of this year, both buyers and sellers were actively participating in the market. In May, the Chiliz (CHZUSD) market broke through the $0.1100 zone, and the Moving Average crossing provided insights into a bearish trend. Since then, sellers have maintained their dominance, gradually penetrating the market. However, from mid-June on, buyers attempted to reverse the price trend. Unfortunately, their upward momentum was short-lived as the price struggled to surpass the significant level of $0.081800. As a result, the market has been consolidating at lower levels.
With buyers trapped below this level, sellers are now targeting a move toward the key level of $0.07200. The MACD (Moving Average Convergence and Divergence) indicator currently reflects slow momentum. This indicates that sellers would require additional strength to push the price lower.
Market Expectation
On the 4-hour chart, buyers and sellers are continuously establishing their positions in the market. However, for a major trend to materialize, increased participation from traders is necessary. If selling momentum intensifies, it may present an opportunity for a sell-off. Traders should carefully monitor the market and watch for signs of increased selling pressure or potential breakthroughs. Considering key levels and the actions of both buyers and sellers will provide valuable insights for trading opportunities. To navigate the Chiliz (CHZUSD) market effectively, staying informed and adapting to evolving market dynamics are essential.
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