Chiliz (CHZUSD) Buyers Face Threat as Focus Shifts
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CHZUSD Analysis – Sellers Continue to Dominate
Chiliz buyers are under pressure as momentum shifts in favor of the sellers. The buyers had previously held strong around the $0.0710 key level last week, but have recently struggled as bullish momentum weakens. Starting from the $0.0500 key level, Chiliz had experienced a steady uptrend, with buyers confident of a strong rally, particularly in mid-September.
The buying pressure even managed to break through the $0.0620 resistance level last week. However, the market has since taken a bearish turn, with sellers now pushing the price back down toward the $0.0610 significant zone.
CHZUSD Key Levels
Resistance Levels: $0.0710, $0.0620
Support Levels: $0.0610, $0.0500
Despite the strong upward push from the bulls, the recent shift in market sentiment has allowed sellers to dominate the market. The current situation is uncertain, with a possible reversal or continuation of the bearish trend in the coming days. If the sellers manage to break below the $0.0610 support zone, further downside may be expected. However, if the buyers manage to regain control, a rebound could take the price back toward the $0.0710 key resistance level. The Moving Average crossing indicator has not yet provided a clear signal, reflecting the indecision in the market. However, the price action is leaning towards a bearish outlook as sellers push the market lower.
The Momentum indicator is showing a decline, signaling that selling pressure is increasing and that buyers are losing control. With sellers now in control, a break below the $0.0610 support zone could lead to a deeper pullback. If buyers fail to regain momentum, the next significant support lies around the $0.0500 level. The Momentum indicator suggests that the market is leaning toward further declines, and a bearish crossover from the Moving Average could soon confirm this outlook.
Market Expectation
In the short term, Chiliz appears to be under selling pressure, with the potential for further declines toward the $0.0610 support level. The Momentum indicator and the current market structure favor the sellers, but a reversal is still possible if buyers can regain control.
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