- The waves of downtrend are getting on the nerves of bulls. This downtrend needs to end soon as investors are facing huge losses.
- The crypto asset is trading below the 20, 50, 100 and 200 daily moving average.
- The CHZ/BTC pair is at 0.000005106 BTC which is at a loss of 0.30%
Chiliz is the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands.
The CHZ price is facing waves of downtrend movement over the daily price chart. This signifies the bearish dominance over the chart which is a result of domination by the leader cryptocurrency Bitcoin. This domination has brought hard times for the whole crypto market. Now the CHZ token needs to gather its bulls before these waves turn into a tsunami of downtrend and make the market red. The volume has slumped 12% along with the price moving below the exponential moving average.
The current price for one CHZ token is trading at $0.12 which is at a mere gain of 0.26% in its market capitalization in the last 24 hrs. The token has a volume of 63 million with a loss of 12.27% in the 24 hrs trading session and a market cap of 586 million. The volume market cap ratio for CHZ is 0.08252.
Will CHZ Make a Bounce Back
The trading volume slumped 12% and is currently moving below average. The price has started approaching the 20 days average of 20, 50, 100 and 200 DMA. Now the token needs to attract some more buyers to reverse the trend.
The MACD indicator tells us that the line which indicates the sellers signal (red) is going to cut the buyers (blue) line from below which indicates a bearish rally ahead. Where the relative strength index has started moving upwards indicating the increase in buyings. So the indicators look a bit manipulative, which makes investors believe in their instincts and experiences.
The CHZ price is facing waves of downtrend movement over the daily price chart and this signifies the bearish dominance over the chart. This is a result of domination by the leader cryptocurrency Bitcoin. The volume has slumped 12% over the intraday trading session. The technical indicators here are of little help. The investors need to wait for a directional move before taking any step.
Resistance levels: $0.106 and $0.118
Support levels: $0.80 and $0.68
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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