Chiliz (CHZUSD) Buyers Confidence Remain Steady
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CHZUSD Analysis: A Mission to Reclaim Key Levels
CHZUSD buyer’s confidence remains steady. Following an expansion above the $0.13770 key level, the buyers have been shipping higher. They are clearly on a mission to reclaim key levels that were previously penetrated by sellers. A few weeks ago, the Chiliz price experienced a significant fall from the $0.16840 level.
However, the buyers managed to hold them back from plunging further at the $0.1150 key level. Since then, the buyers have been progressing in their strength, showing determination to reclaim the key levels that were lost. However, they seem to be feeling pressure near the $0.1510 significant level, which has caused some traders to step back.
CHZUSD Key Zones
Resistance Zones: $0.1680 $0.1370
Support Zones: $0.1150 $0.0840
The resistance at the $0.1510 market level has led to a temporary pause in the buyer’s progress. Some traders have chosen to exit their positions due to this resistance. However, if the buy traders continue to show strong confidence, there is a high likelihood of further extension. A successful cross and rebound above the middle level of the Bollinger Band indicator would signify a buy breakthrough, indicating the potential for a bullish trend.
The MACD (Moving Average Convergence and Divergence) indicator plays a crucial role in assessing market trends. Currently, the MACD is still wired above the 0.00 region, indicating that buyers can still gain more control in the crypto market. This suggests that there is room for further growth and upward movement.
Market Expectation
To overcome the challenge posed by the $0.1510 key level, the buyers will need additional support. This level has proven to be a significant resistance point, causing a temporary halt in the buyer’s progress. However, once a breakout occurs above this key level, the buyers will likely become unstoppable, leading to a potential surge in price.
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