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Sellers’ pressure increases in Chiliz market
Chiliz (CHZUSD) Price Analysis – 10 November
When there is a further increase in sellers’ momentum, the key support level of Chiliz at $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. In case the buyers gather more momentum, the resistance level of $0.20 may be broken upside, and the $0.22 and $0.26 levels may be tested.
CHZ/USD Market
Key Levels:
Resistance levels: $0.20, $0.22, $0.26
Support levels: $0.17, $0.13, $0.10
CHZUSD Long-term Trend: Bearish
Chiliz is under the sellers’ control. A few days ago, buyers dominated the Chiliz market. The price topped the resistance level of $0.28. The just-mentioned level holds and the price experience a bearish reversal. Strong big bearish candles emerge and the price decreases sharply to the previous low of $0.17. Yesterday, sellers exerted more pressure, and the price declined to the $0.13 support level.
The price action has formed a Cup with a handle chart pattern on the daily chart which indicates that sellers are dominating the market. Crypto is carrying out price retracement. When there is a further increase in sellers’ momentum, the key support level of $0.17 may be broken downside and the low of $0.13 and $0.10 may be reached. In case the buyers gather more momentum, the resistance level of $0.20 may be broken upside, $0.22 and $0.26 levels may be tested. The Relative Strength Index (14) is at the 42 level pointing up to indicate a buy signal.
CHZUSD Medium-term Trend: Bearish
Chiliz is bearish in the 4-hour chart pattern. The formation of a small double-top chart pattern at the resistance level of $0.28 triggered the fall of Chiliz price. The former support level of $0.26 and $0.22 has turned into resistance levels. The support level of $18 is tested. The price is pulling back at the moment.
The price is trading below the 9 periods EMA and 21 periods EMA at close range as an indication that the sellers are in control. The Relative Strength Index period (14) bends up at the 37 levels indicating a buy signal.
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