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Sanjay Shukla
Nov 14, 2022
by Sanjay Shukla

CHZ Technical Analysis: Chiliz Consolidates at $0.18, Brings Entry For New Buyers

CHZ Technical Analysis
The technical analysis of CHZ displays price consolidation at $0.18, teasing a bullish reversal towards $0.25 with entry opportunities for traders.

Over the last 24 hours, Chiliz (CHZ) dropped more than 14% with a day-low price of $0.1795. As most of the crypto markets crashed due to the FTX controversy last week,  CHZ fell around 33.47% in the past 7 days, hitting its 3-month low of $0.1471. In the current bearish trend, CHZ fell below the crucial mark of $0.25 breaking the crucial support level. The 13.60% drop in market cap over the last 24 hours also supports the bearish trend in the market. Today's price actions show the possibility of a bullish reversal as the price consolidates at $0.18.

Key Points

  • CHZ price actions show a short-term downtrend in the market 

  • CHZ price actions display the possibility of a bullish reversal as prices consolidate at $0.18

  • The intraday trading volume in CHZ is $481.9 million. 

    • CHZ Technical Analysis

    The CHZ price actions showed a short-term bearish trend as it fell below the crucial level of $0.25. Currently trading at $ 0.1827, the price action shows CHZ is consolidating at a 38.20% Fibonacci retracement level. Despite the trendline showing a continuation of the bearish trend, the price actions ranging between $0.17 and $0.18 display the consolidation with chances of a bearish reversal. Sideline traders may get a buying entry opportunity if the price gains momentum to cross the resistance of $0.25. On the other hand, even price does not witness a bullish rally, it still may not drop beyond $0.15.

    Technical Indicators

    Making multiple bullish and bearish divergences, while moving sideways, RSI struggled to cross the 50% level due to increased selling pressure. Moving below the 14-day SMA, the RSI slope confirms the current short-term downturn in the market at 45.71%. Moreover, MACD and signal lines are choppy while moving sideways along the halfway line, teasing a bearish crossover, with the histogram turning bearish repeatedly. 

    The technical indicators display a short-term bearish trend as CHZ shows signs of consolidation at $0.18, teasing a buying opportunity at the next bullish breakout. 

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    CHZ Technical Analysis: Chiliz Consolidates at $0.18, Brings Entry For New Buyers
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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