Chiliz Price Plunges as Bears Dominate the Crypto Market

Market Analysis – Chiliz Sell Traders Swing Lower

Chiliz price plunges as bears dominate the crypto market. The cryptocurrency market has been in a bearish phase, and Chiliz (CHZUSD) has not been spared from the onslaught of the bears. The market price of Chiliz has been in a consistent downward trend, with sellers pushing the price lower to a significant level of $0.1100.

CHZUSD Key Levels

Resistance Levels: $0.14700, $0.16480
Support Levels: $0.13250, $0.09430

The Chiliz price had previously accumulated below the $0.1470 key level, but the buyers were unable to maintain the upward momentum. As more sellers entered the market, the price was pushed lower, and the buyers were shut out once again.

The selling pressure is currently pulling the price back to the $0.1100 market zone. The Relative Strength Index (RSI) is signaling a selling direction, indicating that bearish sentiment is strengthening.

It is highly likely that the Chiliz price will even break through the $0.1100 market zone. A crossover has been observed around the Moving Average crossing indicator, further reinforcing the sell-side momentum. This therefore indicates a chance for a longer bearish streak, especially this week.

Market Expectation

On the 4-hour chart, the sell-side tenacity appears to be increasing progressively, suggesting that the sell traders are looking to push the price lower further. As the sell-side tenacity continues to increase, it is highly likely that the Chiliz price will break through the $0.1100 market zone, further reinforcing the bearish momentum.

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