Chiliz (CHZUSD) Price Remains on Defensive
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Chiliz Analysis – Sellers Gradually Fuel Heir Strength
Chiliz has been facing notable pressure from sell traders over the past few days. The price of the cryptocurrency has been on the defensive. Selling pressure is seen scaling steadily, with the possibility of a break below the significant level of $0.054700.
CHZUSD Key Zones
Resistance Levels: $0.10350, $0.0850
Support Levels: $0.07430, $0.05470
Despite a series of buy engagements, the buyers have lost their momentum, and the bullish sentiment has been dampened. The bulls have attempted to resist the selling pressure, resulting in a scenario of price focus in consolidation. While the price has struggled to move above the $0.074300 significant level, the sellers have challenged this level. This has led to a flow of selling liquidity.
On the daily chart, the sellers have been bearing their strength down to the $0.054700 significant level. However, as buyers have begun to contest again, the market price has been in a coalition stage. If the sellers manage to escape this current situation, they will draw more attention to themselves. This can lead to a bearish continuation of the crypto price shortly.
However, stronger bullish momentum can emerge later as the market continues to consolidate. Currently, the bears remain in control of the market, with a focus on going lower.
Market Expectation
From the 4-hour chart, the Chiliz price still lacks bearish momentum, indicating a defensive market due to low impulse. The price oscillator indicator has not picked up a strong impulse to show who is controlling the market. This means that the market is still a defensive one, with no clear indication of significant directional changes.
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