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.
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.
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.
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.
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.