Chiliz Price Forecast: CHZUSD Slips off $0.050
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Price Analysis – Chiliz Bearish Trend Weakens
Chiliz has continued its bearish movement after failing to sustain momentum above the bullish order block at $0.090. This failure marked the beginning of a directional reversal, confirmed by a crossover of the Moving Average lines. Additionally, the appearance of a Three Black Crows candlestick pattern underscored the strength of the new bearish trend, effectively breaking the key support level of $0.090.
CHZUSD Key Levels
Demand Levels: $0.050, $0.020
Supply Levels: $0.090, $0.140
Following the breakdown of the $0.100 level, the price movement began to stall and consolidated into a classic Head and Shoulders formation. The downward pressure exerted by the Moving Averages provided ideal conditions for sellers to enter short positions, supported by bearish forex signals. This setup led to a Bearish Break of Structure (BOS), which confirmed the continuation of the downward trend.
The price eventually slid to the $0.050 support level. Although there was a continued decline from this level, the pace of the downward movement began to ease, indicating a weakening in bearish momentum. The trendline began to flatten, reflecting reduced selling pressure. As of now, the market is gradually drifting toward the next psychological level at $0.030.
Market Expectation
With the $0.050 support level broken, CHZUSD attempted a modest pullback, guided by a bearish trendline. However, after retesting the broken key level, the price failed to reclaim bullish strength. Instead, it broke below the bullish trendline structure, thereby reinforcing a bearish market structure. This confirms that the market is currently in a correction phase, with bearish sentiment likely to persist as the price targets the $0.030 level.
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