Chiliz (CHZUSD) Retests Breaker Block
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Market Analysis: Price Retests Breaker Block Following Bearish Breakout
Chiliz has retraced to a breaker block following a consequential bearish breakout. The pronounced dip in price witnessed in April has nullified the previously established bullish trendline on the daily chart. This breakout has effectively instituted a bearish trajectory after an extensive period of market uptrend.
Chiliz Major Zones
Demand Levels: $0.1030, 0.0840, 0.0700
Supply Levels: 0.1280, 0.1680, 0.2000
During the third quarter of 2023, Chiliz experienced a notable decline in trading volume, evident from the diminutive size of daily candles on the chart. This period of low volatility was particularly pronounced in September, characterized by daily candles exhibiting no discernible directional bias.
Following a dip of the Stochastic indicator into the oversold region, the Supertrend indicator transitioned to a green hue, signaling the initiation of a bullish trend. This bullish momentum persisted until March, at which point the price broke below the supporting trendline.
Market Expectation
Presently, the price has retraced to a mitigation block on the daily chart. Anticipation mounts for an increase in selling pressure, given the current overbought condition of the Stochastic indicator and the indication of a bearish reversal from the Supertrend indicator. A potential target lies at $0.1030, driven by the liquidity resting at the swing low.
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