Chiliz (CHZUSD) Takes a Break at the $0.105400 Key Zone
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CHZUSD Analysis – Sellers Are Taking a Timeout Before Further Action
CHZUSD takes a breather at the $0.105400 key zone. The currency pair has taken a time-out at the $0.105400 key zone after a period of tumultuous market activity. Since the beginning of May 2023, the crypto market has been in a state of decline, with Chiliz sellers outpacing buyers and driving the market downward. The bearish trend began in late 2020 when there was a notable surge in selling pressure that sent the currency pair from the $0.276900 key level down to the $0.105400 significant level.
CHZUSD Key Levels
Resistance Levels: $0.276900, $0.194600
Support Levels: $0.1394000, $0.0875000
Since the start of the year, buyers have returned to the market in droves, attempting to push the market back up. However, their efforts have been unsuccessful, and the sellers have kept the upper hand. With the current liquidity flow in the market, the sellers will likely continue to have the upper hand and drive the currency pair even lower. Traders should be aware of the risks associated with such a bearish market and should use caution when engaging in any trading activities. In particular, traders should be mindful of the key levels in the market, such as the $0.105400 level, which has served as a crucial support level throughout this downturn. This is likely to remain an important level to watch, as any break below it could trigger a further sell-off.
However, several indicators in the market still show a bearish setup. The signal line of the MACD (Moving Average Convergence and Divergence) is falling below the 0.00 level. With a greater influx of sellers, the bears will sell lower, even down to the $0.0875000 significant zone.
Market Expectation
In the short term, the bears appear to be gearing up after a long period of accumulation. The Parabolic SAR (Stop and Reverse) indicator is still aligned for bearish action in the market. Following the short accumulation, traders should anticipate room for price flow downward to the $0.087500 key zone.
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