Chiliz (CHZUSD) Sellers Are Demonstrating Resilience
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CHZUSD Analysis – Buyers Attempt a Recovery
CHZUSD sellers are demonstrating resilience. Despite recent setbacks and fluctuations, these sellers have shown a determination to bridge through key levels and establish a strong foothold in the market. Their relentless pursuit has led to breaches at key levels, causing significant disruptions in the market.
Last week, buyers were flooded out after failing to breach the crucial $0.180 level. This failure exposed their weakness, allowing sellers to initiate a strong purge. Market levels at $0.1480 and $0.1400 were swiftly consumed by these determined sellers, leaving buyers in a state of uncertainty.
CHZUSD Key Levels
Resisting Levels: $0.1900, $0.1800
Support Levels: $0.1400, $0.1160
This week, the bulls attempted to stage a recovery, hoping to regain control of the market. However, their efforts were thwarted as rice rebounded at the $0.1400 key zone, effectively cutting them out of the scene. The sellers, undeterred by this temporary setback, continued to initiate more breakdowns, setting their sights on the significant $0.1160 level. While they faced rejection at this key level, they have remained persistent in their pursuit, refusing to be discouraged by the ongoing struggle between bulls and bears.
The MACD indicator shows a bearish trend gaining momentum. This suggests that sellers are currently in a position of advantage, with the potential to exert further downward pressure on prices.
Market Expectation
While sellers have made significant progress in their quest to bridge through the $0.1160 key zone, the struggle is far from over. Recent rejection at this level may be attributed to a few sellers pulling out of the market, while buyers attempt to stage a comeback. However, it is more likely that a breakthrough will occur as time progresses, given the determination and resilience demonstrated by chiliz sellers.
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