Chiliz (CHZUSD) Remains Stuck in Consolidation
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Market Analysis – Chiliz Trapped in Sideways Trading
Chiliz (CHZUSD) remains stuck in consolidation. The cryptocurrency has been frozen in a consolidation phase, as the market struggles to find a clear direction. The crypto price has been trading between the key levels of $0.081200 and $0.070350 for weeks, with both buyers and sellers unwilling to give up ground. Throughout different quarters, the Chiliz price has experienced varying degrees of price liquidity. The sell-side traders gained more strength after the price returned from the $0.1671300 level.
CHZUSD Key levels
Resistance Levels: $0.1202300, $0.130200
Support Levels: $0.070350, $0.091500
Since May, the bears have put in a significant effort, trading the price down to the $0.0703550 significant level. Following this prolonged bearish fall, Chiliz has now entered an accumulation phase. At this point, the buyers are also aiming for a reversal, while the sell-side traders are planning to gear down once again.
The Stochastic Oscillator is cycling around the oversold area, suggesting that the buyers may still have a chance to cling onto a potential reversal.
Market Expectation
On the shorter timeframe, the price action indicates an accumulation phase. The Bollinger Band indicator is expected to yield a breakthrough very soon, with the breakout likely to occur between the key levels of $0.081200 and $0.070350.
The current consolidation phase in the Chiliz market presents both challenges and opportunities for traders and investors. Those with a bullish bias may be looking for a breakout above the $0.081200 level, while bearish-leaning participants may be eyeing a breakdown below the $0.070350 support.
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