Chiliz (CHZUSD) Plans to Recapture the $0.1066070 Key Zone
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CHZUSD Analysis – Buyers Are Keeping Selling Pressure at Bay
CHZUSD Plan to recapture the $0.1066070 key zone following a selling breakdown beyond this level. The buyers are currently targeting this key zone, thereby holding a bearish influence as we speak. Even though the crypto market has opened a new year, the bears are still topping the chart. Since the middle of November 2022, there has been a strong bearish trend. The bears have been making a progressive trend as several order levels have been submerged on the daily chart. The daily chart shows buyers making a clumsy strike back to the $0.1066070 key level.
CHZUSD Key Zones
Resistance Zones: $0.275000, $0.1894000
Support Zones: $0.850000, $0.1066070
A retracement signal indicates that the cryptocurrency is more likely to experience a bearish flow. The sellers have been on their toes following their major encounter to push price activity lower below the $0.1524000 key zone. After several attempts to push further all through the middle of the year, the sell traders eventually made a surprise attack in December 2022. With a price attack in this key zone, the CHZUSD price faces more risk as more dips occur.
As of this writing, the CHZUSD price has made a breakthrough beyond the $0.1066070 key zone. Traders are looking out for buying pullbacks at the moment. The Stochastic Oscillator appears to be marking a buying tendency as we speak. Nevertheless, the Moving Average crossing has been in line with the bearish tendency from the onset. The Parabolic SAR (Stop and Reversal) indicator also depicts a sense of bearish pressure on the CHZUSD price.
Market Expectations
The bulls are trading a pullback before more selling in the crypto space. Sell traders and investors are willing to go deeper to reclaim the old low of the $0.850000 key zone. On the 4-hour chart, the stochastic oscillator has already reached an overbought condition.
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