Chiliz Experiences A Major Retracement As Price Heads Into Premium
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Market Analysis – Chiliz Keeps Declining Against USD
Chiliz experiences a major retracement as the price heads into the premium. The bulls had been in control of the market until the CHoCH (Change of Character) in March 2024. A major retracement is ongoing as the market becomes oversold. However, the market’s overall trend remains bearish on the daily chart.
CHZUSD Market Zones
Resistance Zones: $0.1620, $0.2190
Support Zones: $0.0540, $0.0040
Until the recent Change of Character to the upside, CHZUSD has been rallying upward alongside a rising trendline. With higher highs and higher lows, the price headed into the supply zone at the premium zone. Despite the indication of an overbought state by the Stochastic Oscillator, CHZUSD maintained its market structure until the $0.1620 resistance was hit.
The buying pressure decreased as the market became extremely overbought. The price crashed thereafter, leading to the first market structure shift in a long time. The emerging crash from the $0.1620 resistance led to a CHoCH (Change of Character) to the downside. This might be due to the decrease in demand for Chiliz as a result of the momentary increase in price.
The Change of Character occurred at the $0.1200 psychological level. CHZUSD retracted upward, but only to meet overwhelming selling pressure at the bearish order block in the premium zone. A BOS (Break of Structure) occurred afterward, further confirming the dominance of the bears in the market.
Market Expectation
The SMA (Simple Moving Average) indicates the market’s overall trend is bearish since the rejection of price at the bearish order block. The Stochastic Oscillator has indicated that the market is now oversold. A retracement is ongoing as the price heads upward in a bid to fill the FVG (Fair Value Gap) in the premium zone. However, the bearish trend is expected to resume when the price reaches the bearish order block at the premium 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
