Chiliz (CHZUSD) Buyers Attempt to Recover Losses

CHZUSD Analysis – Buyers Try to Reclaim the $0.06950 Level Amid Selling Pressure

Chiliz buyers attempt to recover losses. The market has witnessed a notable shift this week, as the buyers have drawn attention to themselves after pulling the sell-side traders out of the scene. Despite a short-lived buildup, the buyers have only managed to reduce the selling momentum in the market. The chiliz price has been on a volatile journey since last month.

CHZUSD Key levels

Resistance Levels: $0.12020, $0.1300
Support Levels: $0.070350, $0.09100
Early in the month, a struggle was observed with the buyers facing resistance at the $0.1640 market zone. The sellers put up a resolute defense, leading to the price falling from the $0.1640 resistance area.

Chiliz’s price then plummeted until the sellers gave up at the $0.0550 support level. Currently, the daily chart still marks a sell potential for the crypto market. However, the buyers have been pulling back for days, and from the Parabolic SAR (Stop and Reverse) indicator, we can see that the price continues to plummet downward. The Price Oscillator is still trading below the 0.00 area, indicating that the sellers remain in control despite the pullback.

Market Expectation

The short-term time frame reveals that the price is still struggling to make a decisive move, with the market consolidating and the sellers looking to play lower. The buyers remain on the edge, hoping for a pullback to propel them to regain lost ground. However, the technical indicators suggest that the sell-side pressure remains strong, and the buyers may face an uphill battle to reclaim the lost territory.

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