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CHZ Technical Analysis: Bearish Signals With Price Testing of $0.285

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Chiliz is a blockchain-based fintech provider for sports and entertainment. It has built a sports fan engagement platform known as Socios.com. It is also a currency option for blockchain-backed products and services created for mainstream consumers. CHZ is the native token of this ecosystem and below is the technical analysis for the same.

Past Performance

On Jun 12, 2021, CHZ opened at $0.30. On Jun 18, 2021, CHZ closed at $0.29. Thus, in the past week, the CHZ price has decreased slightly. In the last 24 hours, CHZ has traded between $0.28 – $0.30.

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Day-Ahead and Tomorrow

Currently, CHZ is trading at $0.28. The price has decreased slightly from the day’s opening price of $0.29. Thus, the market seems bearish.

The MACD and signal lines are negative.  Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 24% – deep into the ‘oversold’ territory. It faced rejection at 35% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down.

Besides, the OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. High selling activity will exert downward pressure on the CHZ price. In short, all three oscillators have given negative signals.

CHZ Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $0.282. It may soon fall below the subsequent Fibonacci pivot support levels of $0.28 and $0.27, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $0.285. The price may soon fall below the 23.6% FIB extension level of $0.275 as well. Thus, as of now, the price downtrend is strong, and hence the price may continue falling tomorrow as well.

   

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