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CHZ Price Analysis: Bears run rampant in town; drive Chiliz Prices lower


www.thecoinrepublic.com 20 May 2022 00:55, UTC
Reading time: ~2 m

•CHZ/USD is currently priced at $0.117 and has decreased by 2.35% over the past day

•The trading volumes have increased by 302.19% over the past day

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: Chiliz Crypto showing resilience to withstand the assault by bears

Source: CHZ/USD by TradingView 

The Chiliz price today is $0.117346 USD with a 24-hour trading volume of $325,185,603 USD. Chiliz is down 2.35% in the last 24 hours. The trading volumes have increased manifolds over the past day amid increased selling activity whereas the Volume to Market Cap Ratio stands at 0.4618 for the altcoin. 

Chiliz Crypto is showing bearish tendencies today, with the altcoin experiencing a series of corrections ever since it scaled its all time high of $0.8915 on Mar 13, 2021. In fact, a rejection from the $0.15 resistance level only adds to the overall bearish outlook and suggests that the altcoin is likely to continue its descent. Strong local support is found in the $0.085 range. However, if it is lost, even $0.07 and $0.055 may be on the cards for Chiliz Crypto. The altcoin is transacting below the 20,50 SMA on the four hour chart which compounds matters for the bulls in the near term.

Long Term View for Chiliz 

Source: CHZ/USD by TradingView 

The technical indicators for Chiliz Crypto contribute towards the bearish stance as the RSI indicator is transacting at 35.37 after having recovered slightly from the oversold territory. The histograms are green as a bullish crossover has been observed on the daily MACD chart today but the momentum is yet to pick up pace. An influx of buyers in the coming days could flip the market sentiment regarding Chiliz Crypto. 

Conclusion 

Chiliz may inevitably see further lows in the coming days as the asset continues to gather the requisite buyers to stage a recovery. Hence, the altcoin could be seen entering a period of accumulation in the near term.

Support: $0.085-$0.07

Resistance: $0.15-$0.20

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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