Chiliz (CHZUSD) Looses Edge Against Dollar Market
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Market Analysis – Chiliz Struggles Against USD
Chiliz (CHZUSD) loses an edge against the dollar market. This crypto market has been making waves. However, recent developments in the US dollar market have had a significant impact on Chiliz’s performance.
CHZUSD Market Zones
Resistance Zones: $0.1545 $0.1700
Support Zones:$0.1160, $0.9050
Over the past week, Chiliz has faced an uphill battle against the relentless strength of the US dollar. The buyers have found themselves unable to break past the significant level of $0.1540, causing a sense of unease in the market. Despite this struggle, the bulls have managed to hold their ground, displaying resilience in the face of adversity. Last month, they successfully staged a comeback from the key level of $0.1160, showcasing their determination to keep Chiliz’s price on an upward trajectory.
Despite the ongoing fight against sell traders, Chiliz’s price has continued to increase progressively. However, the month of April has brought forth a new challenge in the form of a stronger US dollar. As a result, Chiliz’s price is gradually pulling away from the significant level of $0.1540, causing concern among investors. The sellers have managed to break through the significant zone of $0.1390, indicating a potential breakdown in Chiliz’s price as the USD gains strength.
Market Expectation
The Stochastic Oscillator, a momentum indicator, has shown a shift towards the sell side of the market. This shift is a direct reflection of the stronger US dollar, which has weakened Chiliz’s position. As the dollar market gains strength, Chiliz’s price is bound to experience further downward pressure.
The next target for Chiliz’s price is likely to be directed toward the key level of $0.1160, a critical support level that will test the resilience of the bulls. The MACD (Moving Average Convergence Divergence) is gradually releasing strength back to the bearish side, indicating a potential shift in momentum. This aligns with the growing influence of the US dollar, as it exerts downward pressure on Chiliz’s price.
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