Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment
11 Maio 2023 - 10:00AM
NEWSBTC
Chiliz(CHZ) is trading in the red today, down by over 4% in the
last 24 hours. This trend broadly reflects the global crypto market
cap, down by 0.57% in 24 hours. However, despite the price
drop, Chiliz’s trading volume is up by 39% at press time, which
could influence its price action soon. CHZ traded at $0.1011 on
January 1, 2023, before it moved to $0.1202 on January 10. Since
then, it has experienced extreme price volatility, peaking at
$0.1577 on February 8 for the first time in 2023. However, the
bears have prevailed on its price, returning it to $0.1075 today.
CHZ Price Prediction CHZ is in a downtrend momentum, forming a
fourth consecutive red candle. It has dropped below its 50-day and
200-day Simple Moving Averages (SMA), a bearish sentiment for the
short and long term. Related Reading: Bitcoin Price Blasts Above
$28,000 Following 4.9% April CPI Report Also, its Relative Strength
Index (RSI) is 28.15, firmly in the oversold region below 30. It
implies that the bears are in control of their price movement. The
RSI is still moving downwards, suggesting further price decline for
the asset in the short term. However, since the asset is oversold,
a retracement is likely if it can rally from its closest support
level. CHZ’s Moving Average Convergence/Divergence (MACD) is below
its signal line and showing negative values. It also reflects the
prevalent bearish trend. Also, the histogram bars are at full
strength and bearish. CHZ is rapidly approaching the $0.108 support
level and a drop below this will send the asset’s price into free
fall to record lower lows. Related Reading: Bitcoin Funding Rates
On BitMEX Turn Deep Red, Here’s Why This Is Bullish The bears at
the $0.11685719 resistance level are active and resisting a rally
for the asset. But CHZ is already in the oversold region and will
probably reach a point of consolidation soon. Chiliz’s Web3
Moves For The Sports Industry Might Push More Adoption Chiliz Chain
is a layer-1 blockchain compatible with the Ethereum Virtual
Machine. Chiliz aims to become the hub for leading sports brands in
Web3. Socios.com is the existing Chiliz sports network with a
growing community. Who's securing our network? 🔐 Jump Crypto
@jump_, Paribu @ParibuCom, and Meria @Meria_Finance have chosen to
help secure the #ChilizChain and have committed to building a fair
environment to help sports thrive in the web3
landscape.#ChilizChain ⚡️ $CHZ pic.twitter.com/ZrqYBOqJFh — Chiliz
($CHZ) – Powering Socios.com ⚡ (@Chiliz) May 10, 2023 Also, Chiliz
hopes to partner with other sports brands and unite fans and
communities using fan tokens and Web3 technology. Chiliz Labs
will support sports blockchain projects hoping to develop on the
blockchain. According to their mission, they hope to unveil a wide
range of Web3 sports projects, AI-based content, 3D digital sports
gear, and NFT tickets. These activities will likely help the
token’s price action since Web3, sports, AI, and NFTs are areas of
interest in the crypto community. Featured image from Pixabay and
chart from Tradingview.com
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