Chiliz (CHZUSD) Bears Are Still Pacing to Ride Lower
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CHZUSD Analysis – The sellers are still rooting for a more bearish downturn
CHZUSD bears are still pacing to ride lower even as the year runs out. Rather than waiting for buyers to build up a stronger position, sell traders have decided to take action as they approach the $0.154000 key zone. The sell traders have maintained a bearish course of action following the price reversal at the $0.277000 key zone in the mid-month of November 2022. The price consistently continued to flow lower as the significant $1.85000 level was also smashed through. As the days progress, there could be more selling action to be witnessed on the CHZUSD price. This could eventually lead to a breach beyond the $1.544,000 key zone.
CHZUSD Key Zones
Resistance Levels: $0.27700, $0.18500
Support Levels: $0.15400, $0.08600
The cryptocurrency price has evolved all through the seasons this year. The bulls actively traded the price setup from the 0.086000 key zones up to the $0.22700 significant level. At this time, the buyers were spoon-charged by investors, which eventually gave birth to the rally. Since then, the price has arguably begun to consolidate. The buy and sell traders began to pull strength in between the $0.27700 and $0.15400 key zones.
However, the crypto price has consistently maintained this price action for a while. At the moment, the sellers are pacing lower in the market. A break is now plausible if selling pressure persists on the crypto market. As the momentum indicator keeps increasing, sellers at the moment could pace lower, thereby extending price action below the $0.15400 key zone. The MACD (moving average convergence and divergence) indicator is lower as sellers still hold positions.
Market Expectation
Buyers are less likely to fight back in the current market conditions. The price is still consolidating on the 4-hour chart. However, traders can still prepare for plausible breakout sessions in the coming days beyond the $0.15400 key zone.
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