Chiliz price Analysis: The Sentiments of Fresh sell-off Observed in CHZ, how to deal with that?
- Chiliz token again saw a sharp decline in an intraday trading session.
- CHZ price is trapped between the 20-day moving average as support and the 50 DMA as resistance.
- The market cap of the CHZ token is down 4% to $615 million in the last 24 hours.
Chiliz traders have been grappling with a roller coaster ride since the beginning of May. Recently, the bears made the latest 2022 low of $0.08135 before recovery. The decrease was clearly seen among buyers as they started to reduce CHZ coin from their portfolio in minor drops.
However, the bulls have maintained substantial bullish momentum as price action forms a higher-low formation on the daily time frame window. Nevertheless, buyers faced multiple rejections above the 50-day EMA (blue), which is still acting as an immediate bullish barrier.
Chiliz price got stuck between the 20-day moving average as support and the 50 DMA as resistance. The bears have turned aggressive today, resulting in the CHZ token trading lower, while trading at the $0.1024 mark at the time of writing.
According to data from CMC, the market cap of the Chiliz token fell by 4% to $615 million in the past 24 hours. During the retracement, the bears wait for a break above the 20 DMA to watch for further selloff, which could take the price to recent lows.
Bitcoin drops below $20K again, therefore, the price of Chiliz and the bitcoin pair is down 1.2% at 0.0000517 satoshis. Trading volumes are showing low and the trend of the altcoin is being reversed upwards.
Why are people afraid to buy CHZ?
The simple RSI is watching near the half-line, suggesting sideways momentum for the Chiliz coin, on the other hand the Stoch RSI is moving towards the overbought zone. Furthermore, the ADX indicator continues to move downwards.
Chiliz price fell sharply today, if buyers fail to manage CHZ price above 20 day EMA then buyers may see another downside correction at lower levels.
Support level – $0.10 and $0.080
Resistance level – $0.15 and $0.20
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.