The price of the Chiliz token recently made a negative breakthrough from the trendline, The breaking of this support zone holds significance because the buyers have respected the trend line for the past few months. The CHZ/USDT price took the predicted fall of 22% on the daily timeframe near early May.
Previously, near early July the price was able to briefly cross above 200 EMA. Following the bull trend, CHZ’s price recovered more than twice its value within 8 weeks. Though despite making multiple efforts the bulls were not successful in taking over the trend. The price of CHZ is trading at $0.0674, a significant upsurge in sellers is observed in the market.
The overall market has taken a sudden plunge within the last few weeks. Though the major cryptocurrencies are reaching their long-term support level which may entice the potential buyers to onboard.
Investors Regaing The Confidence In Price
According to LunarCrush Investor’s sentiment forecast a promising turn regarding the future trend. Nearly all the parameters are highlighted in green within the platform. The total bullish sentiment metric has escalated by 22.82%,
Technical Analysis ( 1 Day Timeframe )
In the previous article, it was estimated that the CHZ token may see a further decline in its value after taking rejection from the 100 and 200 EMA. The analysis was given because the price of CHZ was facing resistance from the major EMA levels whereas the oscillators were taking a reversal from oversold levels.
The analysis was proven correct when after taking the rejection the price fell by 20% making an attempt to find support from the trendline without success. The sellers swamped the price action causing CHZ coin to break its long-term support level and lose 40% of its value.
Presently, The RSI value is 14.38 points and it is taking resistance from the 14 SMA which is trending just above the RSI line, around 27.07 near the overbought level.
The stochastic RSI is moving on the RSI’s lead. The %K and %D lines are moving near the oversold levels, the current value of the Stochastic RSI is 0.00 points.
Conclusion
According to the analysis, The overall market has taken a sudden plunge within the last few weeks. Presently the price will require substantial support from buyers to make a recovery.
Technical Levels:
Support -$0.580
Resistance – $0.1000
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.
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/2023/06/12/chz-price-analysis-chz-price-may-move-under-seller-influence/