CHZ/USD Aborts the Bear Market

The Chiliz Bullish trend which started on October 21 at $0.166 and continued progressively was faced with difficulty as it approach the $0.28 price level. At the climax of the bullish trend, we noticed the spinning top candlestick pattern which signifies the immense struggle between demand and supply and weakness in the bulls market at that high level. The same $0.28 price level was where the preceding bear market forms its resistance. And that may be the reason why traders sell as the market approach the $0.28 level.

Chiliz Market Price Statistic:

• CHZ/USD price now: $0.22
•  CHZ/USD market cap: $1,313,424,407
•  CHZ/USD circulating supply: 6.01B
•  CHZ/USD total supply: 8,888,888,888
•  CHZ/USD coin market ranking: #34

Key Levels

• Resistance: $0.25, $0,26, $0.27 
• Support: $0.20, $0.19, $0.18

Chiliz Market Price Analysis: The Indicators’ Point of View

As the bull market get rejected again at the resistance level, the price had a great crash. In two days, the bear market hits $0.166, this was the price level from which the bulls took up the trend previously. The bull market is starting another upward action right away after hitting that support level. And yesterday’s bullish market was just as strong as the bearish trend of the day before. The bullish price of today’s trading session aims at bringing the price out of the selling zone. The Bollinger band and the RSI show that market activities are already in the midrange, a point of indecision. The RSI line is at 50.9 and in the Bollinger band, the price is testing the moving average of the indicator. If buyers can sustain a moderately bullish market today, the trend will continue in the next session. And the bulls may recapture the $0.28 price level.

CHZ/USD 4-Hour Chart Outlook

As we look at the market from this window, we can be sure of the buyers’ dominance in the market. The day starts with strong bullish momentum. But as the price approaches $0.23, many traders take their profits and this makes the first 4-hour session ends with a bearish candle. But the general force behind today’s market is still very active, so the bullish trends continue. If the bulls market breaks the $0.23 price level, then the next stop will be $0.25, But if they fail at this level again, then the price may go into a price a consolidation trend.

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