Chiliz (CHZUSD) Trades Out of the Spotlight
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CHZUSD Analysis – Sell Traders Need Fresh Momentum
Chiliz (CHZUSD) trades out of the spotlight. The sellers have been quietly engaging the $0.05840 market level, which has acted as a strong support since mid-July. The market currently needs fresh momentum to start. This is because the price action has been mostly sideways for the past month.
CHZUSD Key Zones:
Resistance Levels: $0.13500, $0.11020
Support Levels: $0.09760, $0.05840
A fresh momentum could cause a breakout below the $0.05840 level, which would open the door for further downside. It could also cause a price reversal, which would signal a change in market sentiment.
The price is currently accumulating above the $0.05840 market level as traders are waiting for a clear direction in the market. The bulls were knocked out after a failed attempt to cross beyond the $0.08510 key zone in early August.
The market eventually experienced a drop after price consolidation as the bears took control and pushed the price lower. The price has been consolidating since the beginning of September, and fresh momentum is needed to aid the market.
Market Expectation
On the 4-hour chart, the price is still accumulating as well, as it trades within a narrow range. The market is still positioned to pull lower as the RSI (Relative Strength Index) lies below the 50 level. This indicates bearish momentum.
The Money Flow Index hasn’t given any sign of a price surge yet, as the signal line stays in the middle zone. It therefore suggests a balanced market condition. CHZUSD has therefore been trading out of the spotlight recently as it lacks fresh momentum to break.
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