Sellers’ pressure increases in Chiliz market
Chiliz (CHZUSD) Price Analysis – October 03
In case sellers put in more asset the key support level of $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. When buyers increase their momentum, resistance level of $0.22 may be broken upside then, $0.26 and $0.28 levels may be tested; Chiliz
CHZ/USD Market
Key Levels:
Resistance levels: $0.22, $0.26, $0.28
Support levels: $0.17, $0.13, $0.10
CHZUSD Long-term Trend: Bearish
Chiliz is under sellers’ control. The price bottomed at the support level of $0.10. The price consolidate for many days at the same level. The bulls gained momentum and push the price to break up the resistance levels of $0.13 and $0.17. It pulled back and retest the $0.17. The price broke up the resistance level of $0.22 and tested the resistance level of $0.28 on September 23. The price is pulling back at the moment.
The daily chart has shown that sellers are dominating the market. The price action has formed a double top chart pattern on the daily chart. At the moment, the price is carrying out retracement. In case sellers put in more asset the key support level of $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. When buyers increase their momentum, resistance level of $0.22 may be broken upside then, $0.26 and $0.28 levels may be tested. The Relative Strength Index (14) is at 45 level pointing down to indicate sell signal.
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CHZUSD Medium-term Trend: Bearish
Chiliz is bearish in the 4-hour chart pattern. The crypto performance has been under the bulls’ pressure in the 4 hour chart. After the breakout from the long time consolidation. The price steadily increase. The resistance level of $0.28 was tested on September 23. The sellers’ pressure rejected the increase and it is currently pulling back.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the sellers are in control. The Relative Strength Index period (14) bend up at 37 level indicating buy signal.
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