The cryptocurrency used in sports and entertainment platforms known as Chiliz (CHZ) has been on a downtrend as of late. Recent reports suggest that its price took a dip of about 25 percent which is according to experts is indicative of bearish market sentiment.
Chiliz support, resistance
If the price action study is anything to go by, Chiliz’s price could support near the zone at $0.30. On the opposite end, however, it will likely come across with some resistance around $0.35 and $0.40 provided that the trend will be able to rise after finding demand near the support zone.
Further, the crucial daily exponential moving average (EMA) kept a bullish alignment, though it faltered alongside a negative slope. With that in mind, they may well seem to facilitate bearish crossovers as this would lead to the growth of underlying bearishness.
As of writing, Chiliz coin’s price sits at $0.28 according to CoinMarketCap. Additionally, CHZ is down by 12.16 percent in the past 24 hours with a market cap of $1.67 billion as it was ranked 65th on the said website. Its market cap has been reported to have been decreased by at least 2.41 percent over the past 24 hours which is a clear indication that the bears are stomping on the price trend.
It was also noted that the intraday trading volume of the token has toppled by 20.33 percent over the last 24 hours as well. This, according to experts, could result in Chiliz’s downfall as investors could already be losing interest in CHZ.
The price action of Chiliz is representative of a support zone within the proximity of the $0.30 zone. That said, the probability of a bearish downfall of this zone goes up whenever the underlying bearishness increases.
The breakout of the said zone could pique the interest of investors in taking a short position for Chiliz. As the EMAs fall in a bearish alignment, the cryptocurrency’s token value flunked at rising on top of the 20 period EMA. Because of this, it is believed that the crossover of 100 and 200-period is likely to happen.
The relative strength index (RSI), on the other hand, seemingly signals a bullish momentum as the RSI line is heading low towards the oversold territory.
Wait for that breakout
Hence, Chiliz’s price may well seem to trigger a downfall in the event that it breaks under the zone of the $0.30 mark. Moreover, investors could see such a breakout as a bearish entry spot. Nonetheless, a bullish spot is provided by the zone and this could well lead to a surge in CHZ’s price. The best thing these investors must do is to be wary about the current situation and keep an eye for a breakout.