CHZ token price falls with increasing selling pressure. Investors can observe a downfall of more than 30% below the $0.20 mark.
Chiliz, the most popular digital currency for entertainment and sports, powers the first blockchain-based fan engagement platform Socios.com. Fans can trade and purchase Fan Tokens branded by Chiliz and participate in club-specific surveys and polls.
On September 7th, CHZ coin price found supply near the resistance level of the consolidation range near $0.45. This resulted in the downside movement of 40% over the next couple of weeks. Finally, the Chiliz crypto approaches the support zone of the range. This may result in a bullish reversal.
Source - Tradingview
At the time of writing, the CHZ coin price is trading at $0.2605, with a fall of 3.75% in the past 24 hours. Thus, indicating a slow-down of the selling pressure. The range forms the CHZ coin price in the daily chart; a breakout on either side will bring a high momentum rally. However, investors need to stay cautious, as the bearish breakout possibility is more prominent. A breakdown will cause a downfall to the support level of $0.10.
However, the possibility of a bullish reversal stands strong. In such a case, a growth of up to 50% or even more can be possible.
The daily exponential moving averages of 50 and 200-days EMA move above the CHZ coin price. The sloping 50-days EMA indicates a high possibility of a death cross upon bearish breakout.
On the daily chart, the MACD and signal lines are below the zero mark suggesting a sell. Moreover, the increasing intensity of the bearish histogram indicates intense selling pressure. Thus, investors can expect the CHZ price to fall below the consolidation range.
Currently, the RSI indicator is moving significantly below the central line in the daily chart. The RSI slope is finding support near the 30% mark after the rejection from the central line. However, the slope is rising back from the border of the oversold zone. Thus, lowering the possibility of a bearish breakout.
CHZ token price is ready to take support at the bottom of the rising channel. However, the increase in selling pressure along with the bearish indication of MACD and EMAs warn investors to stay careful. Thus, a fall below the consolidation range can be seen as an excellent short entry spot.