Recently, the price of CHZ/USDT has been trading under a strong bearish influence. Near early April of the previous year, the CHZ price fell under 200 EMA and other key levels within the seller’s control. The price lost more than 65% of its value within that month. Since then despite the buyer’s constant attempts to thrust the price up, it has not been able to sustain above the crucial resistance level.
Near early July the price did see a brief success when it crossed above 200 EMA. The price of CHZ gained more than twice its value within 8 weeks. Though after taking support from the demand zone multiple times the bulls were not successful in taking over the trend. The price of CHZ is trading at $0.1188, a significant increase in sellers is observed in the market.
CHZ Price Trading Under the Supply Zone on the (Daily Timeframe)
Source: CHZ/USDT by TradingView
The price of CHZ at present is taking rejection from 100 EMA trading below the 200 EMA. suggests the price can take a correction in the near future. If the sellers continue to push the price down further from its recent resistance level it can lose 10% of its value further within a week.
Technical Analysis ( 1 Day Timeframe )
Source: CHZ/USDT by TradingView
Presently the CHZ price is trading on a downtrend; the RSI line is making a lower high and lower low pattern after taking a reversal from 70 points. The making of RSI divergence is hinting towards the continuation of a downtrend. The current RSI value is 38.53 points and it is taking resistance from the 14 SMA which is trending just above the RSI line, around 48.77 near the overbought level.
The stochastic RSI is moving on the RSI’s lead. The %K line has recently crossed the 30 points mark and the %D line is following it closely. The current value of the Stochastic RSI is 13.28 points.
Conclusion
According to the analysis, If the price continues to move in the seller’s control, it is expected to make a downfall of 10% in the near future. Presently, the sentiments of the investors are bearish regarding the price of CHZ on the daily timeframe. The price may see a major bearish decline in the near future. The Oscillators are also supporting the bears; moving swiftly towards the oversold levels.
Technical Levels:
Support -$0.1100
Resistance – $0.1400
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/2023/05/08/chz-price-analysis-chz-price-recommences-its-bearish-reversal/