CHZ is among the top 10 stocks bought in the last 24 hours. Chiliz’s score has been down for a few days. Indicators indicate that more bearish behavior will continue.
Investors have been aggressive in CHZ due to their increased trading in the token. CHZ is ranked among the best traded tokens in the last 24 years and the top coin in the crypto space.
Despite all these exemplary achievements of CHZ, it is still going on for the past few days. Bears dominated the CHZ market last week; The bulls tried again and again to change the market but failed.
Many of the major cryptocurrencies have seen significant declines recently, including Chiliz. During the previous day, the CHZ price fell 1% from $0.1129 to $0.11.
On the other hand, due to the whale effect, the market volume of CHZ for 24 hours increased by 25% to $38,092,548. Although the market capitalization decreased by 0.95% to $674,946,131, showing the market share.
The previous support is now serving as a key stop at $0.1093 and $0.1124 on the daily chart after it stopped. The price is now breaking out of a symmetrical triangle formation and trading near the support zone. We can expect a trade below $0.10 if the price reaches the support level.
However, if the bulls go out of power during this negative period, we can expect to pull back to the price stop level around $0.1124. Chiliz is trading below the 200-MA, and the 50-MA indicates that the downtrend may last for a while.
As Chiliz moves out of the oversold zone, the RSI reading of 29.14 and its high position gives hope to traders. The bear can regain control if the bull continues to fight. The recent MACD activity in negative territory, reading -0.0175 and below the signal line, supports our assessment of bearish dominance in the CHZ market. To resist the bears and reverse the current situation, the bulls will hold the support level and drive the price higher.