Market Analysis – Price Heads Towards the $0.0710 Support Level

Chiliz (CHZUSD) sellers maintain dominance despite buyers’ efforts. The market continues to be dominated by the sellers, as the sudden breakout above the $0.0940 significant level has given the bears more of an edge. Rather than witnessing a breakthrough in the market, the bears have been pushing the price lower.

CHZUSD Key Levels

Resistance Levels: $0.1640, $0.1470
Support Levels: $0.1310, $0.0940

For now, it may take some time for the crypto price to recover as the sellers keep bailing out. However, this presents an opportune moment for buyers to “buy the dip” and potentially cause a change in the nearest significant level.

Following the breakout through the $0.0940 price zone, the sellers headed down to the $0.0710 key level. Recently, it appears that the buyers have been attacking, leading to the sellers being rejected in this key zone. The bearish activity has slowed down, and buyers can use this opportunity for a recovery.

On the daily chart, the Momentum indicator is losing strength, putting the sellers at a disadvantage. However, the Parabolic SAR (Stop and Reverse) indicator continues to extend southward, confirming the bearish market sentiment.

Market Expectation

The short-term timeframe also continues to extend towards a sell sentiment. It is plausible to see the price swing in a new direction soon, but this will only happen when the buyers start taking action. Both indicators in the lower time frame depict the sellers gaining more control. The sell traders are therefore looking forward to breaching the $0.0710 market zone.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results