CHZ Price Analysis: Bears Taking Control of CHZ Token Price

  • CHZ Token price consolidates after the bearish fall projecting a bearish fallout.
  • 20-day EMA may soon give a bearish crossover with the 50-day EMA.
  • The token pair CHZ/ETH trades at 0.00009576 ETH with an intraday gain of +1.72%.
Source- tradingview

CHZ token price action indicates a bearish trend in action. The token price recently made a bearish engulfing candlestick resulting in the fall of more than 25%. Thus indicating the start of a bearish trend.

As per the price action study, the coin price could support near the zone at $0.30. However, on the opposite end, it could face some resistance near $0.35 and $0.40 if the trend manages to rise after finding demand near the support zone.

The crucial daily EMAs maintain a bullish alignment but fall with a negative slope. Therefore, they may shortly give rise to bearish crossovers resulting in the growth of underlying bearishness.

The Chiliz Token price at the moment is $0.3214. The market cap decreased by 2.41% over the past 24 hours. It means that the bears are taking over the price trend.

The intraday trading volume of the token has fallen by 20.33% over the last 24 hours. It indicates that investors might be losing interest in the coin and could lead to a downfall.

Will CHZ Token Price Fall Below The $0.30 Mark?

CHZ token price action represents a support zone near the $0.30 mark. The possibility of the bearish downfall of this zone increases as the underlying bearishness increases. 

The breakout of this zone may interest investors in taking a short position for Chiliz cryptocurrency; As the EMAs fall in a bearish alignment, the token price fails to rise above the 20-period EMA. Thus, the crossover of 100 and 200-period EMA seems imminent.

The RSI (Bearish) indicates bullish momentum as the RSI line moves lower towards the oversold territory.

The ADX shows a slight rise in trend momentum as the bearish trend starts.

Conclusion – The CHZ token price may soon initiate a downfall if it breaks below the zone of the $0.30 mark. Investors may find this breakout as a bearish entry spot. However, a bullish stage is provided by the zone that may result in a price jump. Hence, investors must be careful, observant and patient to wait for the breakout.

Support – $0.30 and $0.150

Resistance -$0.35 and $0.40

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