CHZUSD Price Bleeds Lower in a Bearish Moment
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Chiliz (CHZUSD) Analysis – The Sellers Keep Grinding Lower
Chiliz (CHZUSD) price bleeds lower in a bearish moment. The bears have been in control, although their momentum is not strong enough to cause a breakout. For a breakout to occur, the bears would need to strengthen their position in the market.
Chiliz (CHZUSD) Important Levels
Resistance Levels: $0.11000, $0.09670
Support Levels: $0.81800, $0.06400
The crypto market has been locked in a consolidation phase for over two months. The traders were trapped between the price levels of $0.08180 and $0.07300. However, we can trace back to the emergence of bearish activity on Chiliz (CHZUSD) in April.
The bears successfully fought off the buyers in the market during that time. This led to an increase in selling influence. In May, the sellers managed to break through the key strength level of $0.11000. This selling pressure continued into June, causing the price to drop below the $0.081800 market zone. However, the sentiment changed as buyers emerged at the significant level of $0.06400.
Currently, the sellers in the market need more fuel to suppress the buyers. If they manage to breach lower, it could be a setback for buyers. The MACD (Moving Average Convergence and Divergence) indicator is showing a bearish moment. It, therefore, shows that the sellers are gaining steady momentum as the price continues to bleed lower. The Parabolic SAR (Stop and Reverse) indicator also supports a bearish tendency.
Market Expectation
On the 4-hour chart, the sellers still have control, although there is still a struggle between buyers and sellers. With the sellers having the upper hand, the price could potentially rally down to the key zone of $0.07300.
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