CHZ Technical Analysis – Price Fell below the Support Level of $0.476
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CHZ Technical Analysis – Price Fell below the Support Level of $0.476

April 9, 2021      Ankita Awasthi

In new technical analysis, Chiliz is a blockchain-based fintech provider for sports and entertainment. It has developed the sports fan engagement platform known as Socios.com. It is also a currency option for blockchain-backed products and services developed for mainstream consumers. CHZ is the prime governance token of this ecosystem.

Past Performance

On April 2, 2021, the opening price of CHZ was $0.502. As of April 8, 2021, the closing price of CHZ was $0.488. Thus, in the past week, the CHZ price declined by roughly 3%. In the last 24 hours, CHZ was trading between $0.47-$0.49.

CHZ Price Analysis

https://www.tradingview.com/x/W0jiPQwd/

Day-Ahead and Tomorrow

Currently, CHZ is trading at $0.48. The price has decreased from the opening price of $0.49. Thus, the market seems bearish.

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The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, hence, we can expect the price to drop further.

The OBV indicator is falling. Thus, selling volumes are higher than buying volumes. Heavy sell-offs by whales will exert downward pressure on the CHZ price. Hence, we can expect the price to go down further.

The RSI indicator faced rejection at 57% and is currently at 55%. Thus, selling pressures are slowly mounting. In that case, we can expect a further price drop.

CHZ Technical Analysis

As per technical analysis, currently, the price has fallen below the first Fibonacci pivot support level of $0.476. If the bears remain strong, in a few hours, we can expect the price to fall below the subsequent support levels of $0.47 and $0.46 respectively.

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The price has currently tested and fallen below the 23.6% FIB retracement level of $0.475. It may soon test and fall below the 23.6% FIB extension level of $0.465. In that case, we can expect the bear-run to continue today as well as tomorrow.

#Chiliz #CHZ
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.