Chiliz (CHZUSD) Falters as Relief Rally Fades
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CHZ/USD Price Analysis – CHZUSD Remain Under Bearish Pressure
Chiliz market is currently under bearish pressure after a recent relief rally failed to gain traction, signaling a likely continuation of the ongoing correction. A strong rejection from a major resistance level last week put an end to a promising uptrend, and sellers have since reasserted their dominance. With technical indicators turning negative across the board, the path of least resistance appears to be to the downside.
Chiliz Key Levels
Support Levels: $0.0370, $0.0300
Resistance Levels: $0.0470, $0.0670
The daily chart for CHZ/USD shows a market that is trading within a broad, long-term range. The most recent significant price action was a strong rally from the June lows, which was decisively halted at the $0.0470 resistance level. This rejection confirmed the strength of the overhead supply and has since sent the price into a corrective phase.
Currently trading at $0.0400, the asset is being controlled by sellers after the failed breakout attempt. The immediate bias is bearish, with the price now trending away from resistance and towards the lower support levels of the range, with $0.0370 being the first key area to watch.
The Relative Strength Index (RSI) has dipped below the neutral 50-mark to 48.98, indicating that bearish forces are now outweighing bullish ones. Furthermore, the Percentage Price Oscillator (PPO) has printed a distinct bearish crossover, with the PPO line falling below its signal line. This confirms that the previous upward momentum has been lost and a corrective trend is now in effect.
Market Expectation
The price has since rolled over and is now establishing a new leg down. Trading at $0.0408 for a loss of -2.16%, the asset is in a clear short-term downtrend.
Sellers are firmly in the driver’s seat. Their ability to absorb the recent bounce and push the price lower signals strong conviction. The immediate trend is bearish, with sellers likely targeting a retest of the recent low at $0.0379.
The Relative Strength Index (RSI) is at 38.13, well below the 50 midline and pointing downwards, confirming that selling pressure is dominant. The Percentage Price Oscillator (PPO) has just executed a fresh bearish crossover while below the zero line. This is a strong technical signal that the short-term downtrend is resuming with force after the recent pause.
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