Chiliz Keeps Treading Cautiously Amidst Losses
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CHZUSD Analysis – Chiliz Needs a Fresh Breakthrough
Chiliz, a cryptocurrency that has faced losses this week, is currently treading cautiously in the market. The significant level of $0.102600 has provided reasonable support for Chiliz today. However, the crypto price opened the floor today with a sell intention, indicating a bearish sentiment.
Chiliz Key Zones
Resistance Zones: $0.11290, $0.102670
Support Zones: $0.08540, $0.06900
Earlier this week, the bulls initially showed strong intentions but failed to press further. Last week, the buyers demonstrated a reasonable amount of strength, pushing the price close to the significant level of $0.11200. This year, the buyers have shown a stronger resolve after fighting their way up from the key level of $0.69600.
In the upcoming days, we can expect a tug of war between the bears and bulls in the chiliz market. The buyers are hoping to recover strength and make a move beyond the significant level of $0.11290. On the other hand, sellers are determined to drive the price down below the $0.102600 level, aiming for a decline in value.
Analyzing the Stochastic Oscillator, it is observed that market strength is hanging around the overbought area. This suggests that caution is needed as the crypto price is currently tumbling with sellers becoming more intentional.
Market Expectation
In the short time frame, the sellers are digging lower, hoping for a sell motion to be displayed. However, the struggle is still plausible as buyers aim to regain their stance. Despite the cautious market conditions, traders can still potentially scale a reasonable number of pips by utilizing the best crypto signals.
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