Chilliz token price is hovering near the demand zone of $0.0550 and has been showing bearishness for the past sessions. Moreover, the price action shows that bears persisted in making short positions and continued to smash immediate clusters decisively. CHZ price is now trading below the significant moving averages, suggesting that follow-on selling action will persist and that CHZ may face further headwinds in the following sessions.
CHZ token price showcased a falling wedge pattern, and trading near the lower trendline indicates selling pressure from the top. CHZ price action shows that bulls failed to surpass the immediate swing hurdle of $0.0800 and faced rejection multiple times, reflecting a strong seller grip. Furthermore, the sellers have attained strength and persist in gaining traction, defeating the bulls for the past sessions.
CHZ token shows a drop of over 60% in the past three months, reflecting underperformance and trading on the bearish track among its peers, giving negative returns amid the healthy comeback of markets from the start of 2023. CHZ token has weekly returns of (-6.19%) and monthly returns of (-25.99%), showing massive declines on the charts.
At press time, the CHZ token price trades at $0.0560 with an intraday gain of 0.40%, showing neutrality on the charts. Moreover, the trading volume increased by 7.94% to $39.82 Million, and the market cap is $458.29 Million. However, the pair of CHZ/BTC is at 0.0000214 BTC. Moreover, Analysts maintained a sell rating and suggested a negative outlook for the upcoming sessions.
CHZ Price Action On Daily Charts
On the daily charts, the CHZ token price is trading below the key moving averages, showing sellers’ dominance in the past sessions. Moreover, the CHZ token price is trading below the 38.2% fib level and is on the verge of the lower Bollinger band, showing a negative outlook on the charts. However, the chart structure shows oversold data and suggests a bounce toward $0.0600 in the following sessions. If it sustains there, it will extend toward $0.0700,
whereas if it falls below $0.0500, a free fall toward $0.0300 can be anticipated.
The RSI curve was in the oversold region, showing a bearish divergence and forming a negative crossover, showing sellers’ grip on the charts.
The MACD shows the MA line with the signal line converging, suggesting a neutral perspective for the upcoming sessions.
Summary
Chilliz token price is trading below the key moving averages and fell over the past sessions. It is hovering near the cluster of $0.0550. Below it, a free fall can be anticipated toward $0.0300. However, bulls are attempting a pullback to retain the swings of $0.0700, but, due to intense selling pressure, buyers failed to sustain and faced rejection multiple times in the past sessions.
Technical Levels
Support Levels: $0.0300 and $0.0200
Resistance Levels: $0.0700 and $0.0800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/13/chilliz-chz-price-is-suffering-near-0-0550-what-next/