Chiliz (CHZUSD) Is Ready to Extend Its Bearish Range Down
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CHZUSD Analysis – Still Room for Further Decline
CHZUSD is ready to extend its bearish range down to the $0.089400 significant zone. The coin has been in a bearish state this week, with a recent candlestick formation indicating a drop into the $0.089400 significant zone. This can have a huge impact on the price direction in the upcoming days.
CHZUSD Key Zones
Resistance Zones: $0.276400, $0.185200
Support Zones: $0.103200, $0.089400
The price of this cryptocurrency started the year on a positive note, with a takeoff of $0.103200. However, this has been a short-lived bull run, as sellers have since moved the market back into the descending channel zone. At the moment, buyers may have lost confidence in the market, but the resistance range of $0.089400 could be a significant support zone. If the influx of traders continues, this could potentially result in a trade down to the $0.089400 level.
Chiliz has been going through a period of volatility over the past few months. While the sellers have been able to push the price of the cryptocurrency below the key $0.103200 zone, there has been a decrease in the selling momentum. This could be a sign that buyers are starting to prepare to fight back. The Stochastic Oscillator, a leading type of indicator, has risen above the selling limit threshold, suggesting that buyers may have hope for a rebound.
Market Expectation
However, the sellers now seem to have their sights set on the $0.089400 market zone. It is difficult to predict the future movement of Chiliz, but investors should be aware of the potential for both a rebound and a further decline. With the decreased selling momentum, it remains possible that the buyers will be able to push past the $0.103200 zone and reclaim higher ground. Conversely, if the sellers manage to push the price down to the $0.089400 market zone, it may indicate a further selloff.
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