Chiliz Buyers Approach $0.0620 Key Area
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Market Analysis – CHZUSD Momentum Slows After a Strong Rally
Chiliz buyers approach $0.0620 key area. Chiliz buyers are making steady progress towards the $0.0620 significant resistance area, eyeing a potential breakout. The bullish composure has been rugged throughout the month, as buyers managed to climb from the $0.0460 support zone, overcoming multiple hurdles. Their breakthrough at the $0.0550 level marked a significant shift in momentum, as the bulls pushed prices higher, approaching the $0.0620 key level.
Chiliz Key Levels
Resistance Levels: $0.0620, $0.0665
Support Levels: $0.0550, $0.0460
Starting from the $0.0460 market area, buyers have consistently built momentum, driving the price toward the $0.0550 zone. This level initially posed a challenge, but once the bulls gained control, they quickly advanced to $0.0620, where they now face their next significant test. The current objective is to push beyond the $0.0620 level and establish a more extended upward move.
While buyers have made significant strides, the momentum has begun to slow as they approach the critical $0.0620 resistance level. Expansion in the momentum indicator suggests that buyers still have strength, but the pace has started to taper off, particularly on shorter time frames.
Strong volatility expansion is visible, indicating that the market is nearing a crucial decision point. The oscillator shows potential for a pullback as buyers pause to gather more strength.
Market Expectation
The 4-hour chart indicates a consolidation phase, as momentum slows. This suggests that buyers are pausing to reassess their position before making the next move.
The market is currently consolidating as buyers take a breather after their rapid ascent. This consolidation could be a healthy pullback, allowing for a more sustainable breakout above the $0.0620 level. However, if buyers fail to muster enough strength, there is a risk that sellers could take control and push the price back towards the $0.0550 support.
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