What to know:
- CHZ holds above key support but maintains a broader bearish market structure.
- RSI remains oversold, signaling weakening selling pressure and possible stabilization.
- MACD bullish crossover indicates fading bearish momentum despite remaining below zero.
Chiliz (CHZ) remains under bearish pressure despite stabilizing above a key support level. The technical structure continues favoring sellers, although oversold RSI conditions and a bullish MACD crossover suggest downside momentum is weakening for the CHZ price. Buyers must reclaim higher resistance levels to improve the short-term outlook.
At the time of writing, CHZ is trading at $0.01695, with a 24-hour trading volume of $24.89 million and a market capitalization of $177.21 million. The CHZ price has remained largely stable over the past 24 hours as traders continue to monitor its price action and key technical levels.
Source: CoinMarketCap
Also Read: Chiliz Holds Key Support While CHZ Price Breakout Could Trigger 20% Gain
According to the crypto analyst Finora AI, the CHZ price chart maintains a firmly bearish structure, marked by consistent lower highs and lower lows. Every recovery attempt has faced selling pressure, confirming bearish dominance.
The CHZ price remains below major resistance zones, indicating buyers have yet to establish enough momentum for a meaningful trend reversal ahead.
The most recent movement in the price sees the CHZ price rejecting the resistance level of $0.0183-$0.0191 and returning to the level of $0.0168.
It means that currently the tightening of the CHZ price above the important level of support indicates that buyers are defending the position, but at the same time small candle bodies signal lackluster buying activity.
Source: Finora AI’s X Post
A consolidation near $0.0162 will likely trigger a short recovery to $0.0183 for the CHZ price, potentially reaching $0.0191.
If that support level breaks down, the outlook would change to one where the price falls down to $0.0150. As for the long-term view, it is still bearish until the bulls take control of a higher resistance level.
RSI And MACD Signal Momentum Shift
According to TradingView, despite the negative momentum conditions displayed by the momentum oscillators, they also indicate that the selling momentum is likely to lose some steam.
As the RSI (14) stands at 28.60 while its signal line holds at 29.04, which is below the 30 level. That indicates strong bearish momentum but also implies that the selling momentum is likely to lose some steam.
Source: TradingView
MACD’s line is set at -0.00228, while the signal line is at -0.00268, and the histogram is at 0.00040. Given that the histogram is positive and there is a bullish crossover, the negative momentum seems to be losing its strength, with buyers gradually regaining control.
Following the CHZ price movement in a consolidation phase, with the technicals indicating strength, the token is still moving in neutral territory. The improving momentum is also backed by the BTC’s upward movement, which has impacted the overall market, including altcoins like CHZ.
Also Read: CHZ Price Prediction: Is Price Approaching a Major Bullish Reversal to $0.65?
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment