Chiliz (CHZUSD) Bulls Struggle to Defend Their Stance
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Market Analysis – Bullish Strength Grows Slim
CHZUSD bulls struggle to defend their stance. The crypto market has witnessed a slowdown in bullish momentum, leaving buyers in a challenging position. Despite their recent bullish expansion, volatility has declined significantly, making it difficult for buyers to make a breakthrough.
CHZUSD Key Zones
Resistance Zones: $0.128900, $0.114600
Support Zones: $0.097900, $0.077900
At the beginning of this month, the chiliz price encountered significant resistance, leading to a struggle for the buyers. The aftermath of the decline in sell prices from the $0.114600 significant zone resulted in a consolidation phase. The market consolidated between the key levels of $0.106400 and $0.097900, as buyers fought to regain control. It was a challenging period, but buyers who utilized forex signals to target a breakthrough were able to secure reasonable profits
As momentum started to increase, the buyers managed to break through the defense at the $0.106400 key level. This breakthrough provided a glimmer of hope for the crypto buyers, who continued to make solid progress and set their sights on moving forward. However, their morale has recently taken a hit as sellers hint at a potential dropback. The Chiliz sellers have positioned themselves to strengthen their position even before buyers can reach the significant zone of $0.128000. Despite this potential threat, the bullish momentum remains strong, and buyers continue to show potential.
Market Expectation
The Parabolic SAR (Stop and Reverse) indicator, which helps traders identify potential buy and sell signals, still shows buy potential at the forefront. This indicates that the bulls are still inclined to push forward, despite the challenges they face.
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