Chiliz (CHZUSD) Price Drifts Closely to the Lower Trend Line
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CHZUSD Analysis : Sellers Are Still Prepared for Aggressive Movement
CHZUSD price drifts closely to the lower trend line. After a sharp turn around the $0.137000 key zone, the pair has been consistently displaced by the sellers. This has caused the pair to drift closer to the lower trend line. The sellers are now more hopeful that they can reach the lower trend line. If they can gain more selling momentum, it could cause a breach beyond the trend line channel. This would imply that the sellers could be aiming toward the $0.099400 key zone.
CHZUSD Key Zones
Resistance Zones: $0.27200, $0.205000
Support Zones: $0.137000, $0.994000
Given the current bearish trend in the crypto market, this scenario is more likely to play out in the coming weeks. Investors should keep an eye on the CHZUSD pair to monitor the progress of the lower trend line. If the sellers can reach the $0.099400 key zone, it could be a sign of a major shift in the crypto market. The Chiliz token has been on a bearish course for some time, but buyers have finally secured their bargain at the $0.009940 level. The bulls have been able to push the crypto market back into the trend line since the beginning of this year, but they have been unable to break through the upper trend of the trend line channel.
After a few weeks of accumulation, the bears have surprisingly drifted lower, as we can now see.
The buyers were able to secure their bargain at the $0.009940 level despite the bearish trend. This indicates that there is still some underlying strength in the crypto market and that buyers are still willing to take risks to benefit from potential gains. This is a positive sign for the future of the crypto market and could be an indication of a potential bull run soon.
Market Expectation
The Moving Average crossing indicator and the RSI both indicate that the selling pressure is still present. However, buyers are still willing to take risks to benefit from potential gains, despite the market drifting back to the trend line.
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