Chiliz (CHZUSD) Sees Bearish Momentum Return
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CHZUSD Analysis – Buyers Lose Focus
Chiliz (CHZUSD) sees bearish momentum return as buyers somehow lost focus this week. The crypto price is witnessing another wave of bearish sentiment, although the bullish momentum hasn’t completely faded. The bulls briefly lost their footing after reaching the $0.08500 price zone.
Chiliz faced challenges in gaining bullish momentum and has been consolidating for roughly two months. Buyers regained control when they broke through the $0.07020 significant level. However, momentum has recently decreased. The drop in price momentum could have been primarily because some buyers have pulled out so early. This is, however, giving chances for the moment to penetrate.
For weeks, the momentum indicator had been on a strong upward trend. However, at the beginning of this week, it started to show signs of a decline in bullish momentum. Sellers are now opposing further bullish expansion in the market. Notably, the Parabolic SAR (Stop and Reverse) indicator still hints at bullish potential. This suggests that the current price drop might be short-term, and bullish sentiment still influences the market. A solid bullish recovery is possible.
Market Expectation
Sellers continue to exert effort in the market, and the bulls need to regain their focus to make a comeback. This implies that the Bulls can still make a comeback this week. The selling tendency could pull out very soon if buyers are ready to challenge sellers. The momentum indicator is now picking up as buyers are now showing up on the 4-hour chart.
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