- Prices for CHZ enter a negative period as fear and uncertainty spread.
- Recent analysis of the CHZ price reveals that it has been in a bearish trend.
- At $0.1759, the CHZ price encounters resistance; at $0.1572, it finds support.
Chiliz (CHZ), a fan-token, has fallen to $0.1611 during the past 24 hours, a 6.51% decline, as a result of certain factors directly affecting the market.
During the downturn, the CHZ market capitalization fell by 6.92% to $991,529,506 while its trading volume rose by 55.65% to $231,442,395 per day. High and rising volume during a fall may be a sign that it is best to stay on the sidelines.
CHZ/USD 24 hour price chart (source:CoinMarketCap)
Bollinger Bands are bulging, as seen by the upper band touching at 0.180924 and the lower band touching at 0.160013, which confirms a 55.65% rise in the 24-hour trading volume. It is projected that current bearish control over the CHZ market will continue as the price oscillates toward the lower band.
The Stoch RSI reading of 27.54, which is rising, shows that bearish sentiment is receding and that the market may witness a price reversal as it moves away from the oversold region of “20”.
With a reading of -0.003486, the MACD blue line projects a continuity of the prevailing bearish momentum in the CHZ market. Backing this bearish motion is its trend below the signal line, as evident on the 2-hour price chart.
CHZ/USD 2-hour price chart (source :TradingView)
The 20-day MA currently stands at 0.169948, while the 50-day MA is 0.173006 higher. This suggests that bearish dominance is likely to continue in the CHZ market, and the price movement below the lower band is backing this trend, implying that it will continue if bulls do not step in.
The market is in the hands of the bears, and as a result of their success, Chiliz (CHZ) prices have fallen by more than 6.51%.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Bears are Manipulating the CHZ Market as the Price Drops by 6.51%. appeared first on Coin Edition.