Chiliz Price Prediction: CHZ headed south for the winter
|- Chiliz price declines by 13%, making it the largest red day this year.
- CHZ could decline an additional 20% in the short term targeting $0.10.
- Invalidation of the bearish thesis would come from a hurdle above $0.179.
Chiliz price shows concerning bearish signals. There are some reasons to believe a downtrend is already underway.
Chiliz price has a strong bearish presence
Chiliz price witnessed a 13% decline, making it the largest red day of 2023. The bearish influence should concern investors as it has reached significant levels of support, one being the 8-day exponential moving average and two, trendlines that provided resistance throughout the previous rally. The CHZ token has also breached a previous swing low of $0.134, which subtly changes the market structure. Considering these factors, the Chiliz token may have already started the downtrend.
Chiliz price currently auctions at $0.137. At the time of writing, the bears are trying to solidify the bearish narrative by establishing a daily candlestick close beneath the 21-day simple moving average (SMA). If successful, the CHZ token could decline as low as the $0.100 barrier, where the 21-day SMA crossed with the 21-day SMA and catalyzed the 63% rally this winter. The scenario creates the potential for a 20% decline in market value.
The Relative Strength Index compounds the bearish idea as the recent swing high at $0.179 shows a divergence between the previous swing high near the $0.140 zones.
CHZ/USDT 1-Day Chart
Invalidation of the bearish thesis could occur, but the bulls will need to hurdle the current swing high at $0.179. In doing so, the bulls will likely be on pace to target the $0.200 zone. The Chiliz price would increase by 44% if the bulls were to succeed.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.