- On the daily time scale, a strong bearish candle is formed.
- The pair of CHZ/USDT is trading at the price level of $0.106 with a decrease of -5.35% in the past 24 hours.
On a daily time frame, the CHZ token price is bearish based on price movement. The overall negative trend in the cryptocurrency currency market appears to have influenced the token’s price. After breaking through the demand zone, the token fell sharply, causing investors to lose money.
The trend is being driven by bears
After the formation of a triple top in the supply zone, the token has been in a continuous downtrend, making lower highs and lower lows. As we can see on the daily chart, CHZ is currently trading at $0.106 with a loss of -5.35% in the past few hours erasing previous days gains. It is now trading below its key Moving Averages of 50 and 200. (Red line is 50 EMA and the blue line is 200 EMA). We can see a bearish crossover of the EMA with 50 EMA crossing 200 EMA in a downward direction.
Relative Strength Index: The asset’s RSI curve is presently trading at 37.60. For the previous few days, there has been some recovery in the price of the token, causing the value of the RSI curve to bounce from the strong oversold zone. The RSI curve had crossed over the 14 SMA. As the value of the RSI curve increases, we may see a small pullback till the 50 EMA.
Analyst view & Expectations
Bearish crossover on the daily time frame indicates a downtrend, thus investors who want to make new buys should wait for the token to rebound and cross the 50 EMA upward and hold above it. Until the token crosses the 50 EMA, we will witness lower highs and lower lows. Intraday traders have a good opportunity to go short if token goes below $0.995 and can aim for $0.086.
According to our current Chiliz price forecast, the value of Chiliz is expected to fall by -13.74% and reach $ 0.091669 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 26. (Fear). Chiliz had 13/30 (43%) green days with 15.35% price volatility in the previous 30 days. According to our Chiliz forecast, now is not the time to buy Chiliz.
Technical Levels
Major support: $0.995
Major resistance: $0.114
Conclusion
After breaking through the demand zone and bearish crossover on a daily time frame. Token is in strong downtrend investors should wait for a clear indication before investing and should not try to catch a falling knife.
Disclaimer: 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.
Source: https://www.thecoinrepublic.com/2023/01/08/chiliz-price-analysis-chz-token-continues-to-burn-cash-of-investors/