- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.