Chiliz (CHZUSD) Selling Pressure Is Set to Remain Firm
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CHZUSD Analysis – Sellers Are Still Open for More Bearish Displacement
CHZUSD selling pressure is set to remain firm as sellers prepare to make further advancements. As we speak, the crypto trend is showing signs of strengthening. This implies that sell traders are still capable of pushing price flow southward as 2022 approaches. The crypto price building block is already pushing further into a downtrend as we speak. The Money Flow Index already shows the Chiliz price volume pressure is still more inclined to decline on the daily chart. As the year 2022 is phasing out, sellers are still interested in dropping lower.
CHZUSD Key Zones
Resistance Zones: $0.277240, $0.187420
Support Zones: $0.113200, $0.1066070
The past week’s trading shows that the buyers exerted pressure on the Chiliz price. This was to extract strength from the $0.1066070 key zone. However, buyers were unable to sustain their buying strength. This, therefore, resulted in a short ride up to the $0.1132000 key zone. The sellers have recently changed the tide so fast. The bears are already inclined to ride lower. Bearish liquidity flow has been decreasing since $0.277200.
As selling pressure persists, the price is more poised to break through the $0.1066070 significant zone. The moving average crosses of days 21 and 9 are trading farther away as bearish pressure increases. After sellers outweighed the price pullback, the stochastic oscillator formed a golden cross against the buying strength. As a result, the sellers are trading firms under bearish pressure.
Market Expectations
The sell traders are currently disengaging price orders on the 4-hour chart. We expect price flow to trade lower in the market. The MFI (Money Flow Index) shows selling securities are still ready to flow lower on the 4-hour chart. Traders should expect a ride beyond the $0.1066070 key zone.
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