- Chiliz was currently at $0.1272 with a decrease of 0.54% during the intraday trading session.
- The 24-hour low of CHZ was $0.1254 and the 24-hour high of CHZ was $0.1299.
- The current Chiliz price is below 20, 50, 100, and 200-Days EMA.
The current price of Chiliz was around $0.1272 with a decrease of 0.54% during the intraday trading session. The pair of CHZ/BTC was currently trading at 0.000005858 BTC with a decrease of 0.02% over the intraday trading session.
Chiliz’s price prediction suggests that it is currently in a bearish trend. CHZ was slowly rising since the start of 2023 like the other cryptocurrencies but some time later it consolidated between its primary resistance of $0.2102 and its demand zone. We can also see the appearance of the evening star candlestick pattern over the daily trading chart which represents a string trend reversal. It is a sign that a downhill trend has started which indicates that sellers are coming in the majority to take over the market. If that happens the sellers will try and push CHZ further down and push it back to its demand zone. This can put CHZ in a critical stage .
The volume of the coin has decreased by 27.44 in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. That means there is a relationship between the trading volume and the price of CHZ, this signals strength in the current bearish trend. The coin’s price is heading below the 20, 50, 100, and 200-day daily moving averages.
The technical analysis of Chiliz:
RSI has shown a negative crossover and is declining in the oversold zone which will indicate that sellers are coming majority and trying to take over the market. The current value of RSI is 44.41 which is below the average RSI value of 53.96.
The MACD and MACD signals are intersecting and also not giving any definitive crossover over the intraday trading session. Investors are watching every move in the market carefully.
Conclusion
Chiliz is currently in a bearish trend. Previously CHZ was in an uptrend since the start of 2023 but then became consolidated between its primary resistance and demand zone. With the appearance of the evening star pattern over the daily trading chart which represents a strong trend reversal, CHZ is in a downtrend. RSI has shown a negative crossover and now the decline in the oversold zone only supports the current bearish trend. This indicates that long traders should close their trades and short traders can make trades in the market.
Technical Levels-
Resistance level- $0.1524 and $0.2102
Support level- $0.0982 and 0.0794
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/14/chiliz-price-prediction-will-chz-go-downhill/