- Since the beginning of the 2022 FIFA World Cup, value of CHZ is declining.
- POR making CHZ losing and gaining attention amid FIFA.
- Token on consistent downtrend after losing against South Korea.
Chiliz (CHZ) is gaining attention before the match and loses investors after the defeat of Portugal. Its value has decreased since the beginning of the 2022 FIFA World Cup. CHZ has seen dropping as soon as the team loses a match against any other team, the most recent one being with South Korea, after which it did not retrace. If it loses today’s match against Switzerland, it may fall manifolds and go into a strong bearish phase.
𝐈𝐭'𝐬 𝐌𝐚𝐭𝐜𝐡𝐝𝐚𝐲 | Portugal vs. Switzerland
1⃣ Retweet this tweet
2⃣Comment your match prediction before kick-offWe will draw five winners who predicted the correct score and award them with 1 $POR Fan Token each in their @ChilizX wallet.
— Chiliz ($CHZ) – Powering Socios.com
Here’s what the charts tell
The CHZ price forms a double-top pattern with lower highs. It signals an unduly bearish reversal and a further fall close to $0.1000. The volume also diminishes, with bears actively selling off. The market remains slightly embroiled in the distribution phase, with support and resistance being rhythmically breached and reclaimed. According to Messari, the asset’s volatility has been near 2.15, indicating that it has been quite shaky. Because exchange reserves are so high, any optimistic retracement would be met with a mammoth pessimistic push.
The CMF indicator goes free-falling below the zero mark, indicating a sharp downfall in the near term. The MACD functions far below the base mark and converges with the signal line above the MACD line. The RSI indicator floats in the lower ranges sloping downwards. A certain bearish breach of the $0.14 price level could cause the current market structure to crumple. A violation of this support might send the price below $0.1000.
In smaller time frame
The CHZ price gained slightly due to the scheduled match with Switzerland. But it still lays low as people lose hope and vacate the market. The CMF indicator floats below the baseline and shows a downtrend in the market. The MACD gets intertwined and slightly diverges for the bears. The RSI indicator goes oversold and remains in the same zone showing active sellers present at the time. There are chances of reversal as the RSI becomes oversold but this reversal may face a huge negative force.
Conclusion
The token is highly volatile as it witnesses Portugal fans as well as unsatisfied holders. The price of CHZ is highly hit but every defeat Portugal faces and falls manifolds in response. The indicator shows high bear signals and this may be favorable for short selling.
Technical levels
Support levels: $0.100 and $0.080
Resistance levels: $0.280 and $0.320
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.
Source: https://www.thecoinrepublic.com/2022/12/07/portugals-consistent-defeat-makes-chz-lose-too-prices-falling-sharply/