CHILIZ (CHZ) Price Analysis: Will CHZ bulls be able to hold the previous week low at $0.1043 ?

• CHZ price chart forming lower lows candles and may approach yearly low at $0.814
• MACD had generated positive crossover but prices still did not show any bullish movement indicating divergence, whereas RSI below 30 which may trigger a relief rally soon.

Chiliz Price has been trading with the mild bearish cues and bears are continuously dominating on higher levels. As per coinglass, In the last 12 hours, Long and Short ratio stood at 0.98 which denotes shorts positions are more as compared to long positions.

As of now,CHZ/USDT is trading at $0.1091 with the intraday loss of 1.18% and 24 hour volume to market ratio stood at 0.0568

Temporary rally possible in CHZ ?

On a daily time frame, CHZ prices are in a downtrend and forming a triple top bearish pattern. In the end of October, bulls took support at $0.1633 and gained some aggressive upside momentum which led the prices to shot up almost 80% and hit a high at $0.2970. Later, it resulted as a bull trap and CHZ prices faced resistance at higher levels and lost all its previous gains. Recently, CHZ had broken its previous month low at $0.1450 and continuously slipping down while forming lower lows candle formation indicates bearishness may continue for some more time.

The 200 day ema (green) sloping sideways indicates prices are expected to trade in the wide range mentioned above and the 50 day ema (yellow) will act as an immediate hurdle for bulls followed by next at $0.2000 and $0.2747. On a lower side, the previous week low at $0.1043 will act as a savior for bulls and the next will be at $0.0814. The MACD had generated positive crossover but prices still did not show any bullish movement indicating divergence, whereas RSI below 30 which may trigger a relief rally soon.

Will the downtrend continue ?

On a lower time frame, CHZ price chart had been in a bear grip and continuously slipping down with a bearish bias. Recently, CHZ had broken down its support level at $0.1943 and hit a low at $0.1080 indicating bears are still active on higher levels.

As of now, from past few days prices are trading in the tight range between $0.1050 to $0.1150 and likely to see further expansion on either side soon. The supertrend had also generated a fresh sell signal indicating a short term trend to remain in a bear’s grip However, if bulls succeed to trade above $0.1493 we may see some upside trend reversal.

Summary

Chiliz had been an underperformer and was not able to generate any returns for its investors. As per technical analysis, prices are still inside the bear grip and do not show any strong signs of bullish trend reversal so, it’s better to avoid buying CHZ at lower levels. However, The aggressive traders might look for sell on rise opportunity by keeping $0.1493 as SL

Technical levels

Resistance levels : $0.1493 and $0.2000

Support levels : $0.1043 and $0.0814

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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