Chiliz (CHZUSD) Bulls Take Their Target Back to The Trend Zone
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CHZUSD Analysis – The Buyers Are Looking Ahead for a Drawback to the Trend Zone
CHZUSD bulls take their target back to the trend zone. The bulls have appeared to be in a ranging battle following a bearish setup below the trend line. With their recent fightback in the market, buyers could sustain that bullish strength close to the trend zone. However, the sellers are still better equipped, as we see on the technical chart. This implies that if buyers fail to break beyond the trend line, the price could rebound lower. The end of bullish supply could therefore phase out as prices currently trade back to the trend line. Traders should therefore pay attention to trading activity since the general trend depicts bearish moments.
CHZUSD Key Zones
Resistance Zones: $0.27600, $0.199400
Support Zones: $0.15000, $0.108600
Before CHZUSD bulls began to spike forward, the sellers had been topping the price chart with their liquidity flow. There has been a large supply of bearish money on the cryptocurrency market price in recent months. From the $0.279600 key level, the bears have been supplying deep in the market. The crypto price trend continues to trade lower even as sellers break down below the trend line on the daily chart. The 100-day Moving Average indicator is sliding down a negative slope as bearish action still holds sway in the market.
A closer look at the technical chart reveals that the stochastic oscillator on the daily chart is already nearing the overbought region. At the moment, the momentum indicator is currently building up, as buyers are currently charging up. In the coming days, buying strength is likely to fade in the market.
Market Expectation
With buyers making a progressive trend in the market, traders should anticipate a sell order on the 4-hour chart. The buyers still have buying momentum. There could be a sell flow, which could change the price direction. This could lead to selling pressure down to the $0.108600 key zone.
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