Chiliz price lost the momentum since the early trading hours followed a downtrend accumulating pretty huge red candles.
The price if continued the similar trend may visit more lower levels and hence a healthy bounce is the need of the hour
Chiliz price gained huge popularity by surging more than 4000% in just a month’s time. However, the price maintained a healthy consolidation above $0.4 until the market collapsed in the mid of may destabilizing most of the tokens.
The price slumped close to $0.15 levels within a very short time frame and despite a slight recovery above $0.3, the price initiated with a fresh dump. According to a popular analyst, the price needs to have a decisive close above $0.338 to mark an uptrend.
The analyst has marked the crucial upper and lower barriers, to which the price is expected to visit. As mentioned in the chart, the price instead of visiting upper levels, dropped down towards the strong support levels.
However, the price is still sustaining around these levels and it appears that it is able to withstand the support levels. And hence a strong bounce back may lead the price upwards towards the next resistance levels.
Chiliz(CHZ) Price Analysis
Chiliz price closed the previous month’s trade with a bearish note with a plunge close to $0.25 levels. However the price further attempted very hard to recover the losses and to some extent the price manifested a strong uptrend. However with a fresh slump, the price movement flipped towards the south recording huge selling bars.
Currently, the price continues to plunge heavily as the traders are more interested to just let off their holdings. As the trading volume has increased nearly 45% but not to accumulate but to sell off the asset. If the price continues to maintain the similar downtrend, then it may slump to the lower levels possibly below $0.1 also. Else a healthy bounce from here can rally the price above $0.335.
- The resistance levels of CHZ price are at $0.3
- The support levels are at $0.24
- The indicators point out towards a sell signal