Chiliz (CHZUSD) Weakens as Buyers Struggle for Control
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Chiliz Analysis – Buyers Lose Guard
Chiliz (CHZUSD) weakens as buyers struggle for control. The current market conditions for Chiliz (CHZUSD) suggest a potential drop in price as the buyers struggle to maintain control. The buyers were unable to surpass the crucial level of $0.08000 and have since faced resistance. The price of Chiliz has started this week with a gradual increase in selling pressure. It seems that the buyers may be losing confidence as the end of the month approaches.
CHZUSD Key Levels
Resistance Levels: $0.0600, $0.8600
Support Levels: $0.06700, $0.05400
Throughout November, there has been a back-and-forth battle between buyers and sellers. Initially, the buyers showed their strength at the beginning of the month, pushing the price from $0.06700 to the key zone around $0.08600. However, over time, the tides have shifted and the buyers have lost control. The sellers are now directing their efforts towards pushing the price back down towards the $0.06700 zone.
On the daily chart, the bearish setup has been confirmed by the Moving Average Crossing indicator. The 9-day and 21-day moving averages have crossed over, indicating a downturn in price as the sellers gain momentum. The Chainkin Money Flow indicator also reflects a gradual decline in price as buyers lose the vigor to push the price higher.
Market Expectation
The shorter time frames also demonstrate a selling bias, with sellers actively seeking further price drops. We will likely see the price drop closer to the $0.06700 level in the coming weeks.
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