Chiliz Close to 200 EMA Support; Will CHZ Sustain $0.17?

Chiliz has become a new cryptocurrency of storage value as its underlying blockchain has been powering the new generation of interaction between sports organizations and fans. Reputed gaming clubs, especially from football, such as PSG and Manchester City, have joined the Socios club powered by the Chiliz blockchain. In terms of market capitalization, CHZ is now worth over $1,132,621,952, with a mere 68% of its entire tokens in active circulation supply.

The future of this blockchain seems bright as the digital age has made it easier for fans to feel more connected with their teams. The price action of the CHZ token has been full of volatility.

Chiliz managed to test the intensity of its immediate resistance, appearing on the long-term charts at $0.25. The profit booking at $0.25 has pushed the CHZ token back to $0.19, marking a significant negative movement. Read the outlook for this token and better ascertain with a detailed Chiliz price prediction.

Chiliz blockchain has created a strong and growing ecosystem for itself, with the price band moving upwards. Despite the recent profit booking intensity, buyers are still running in heavy profits, which could help consolidate or halt the further decline.

Support seems to be emerging from the previous breakout levels at $0.18, but before CHZ marks a positive outlook on long-term charts, buying at this level could be risky. The negative clouds on CHZ haven’t yet dispersed, and at the same, the RSI and MACD are developing negative indications. While the buying sentiment has dipped severely with CHZ’s price decline, MACD showcases a higher decline probability.

The short-term outlook requires a strong retracement from the current support level of $0.18. On the long-term candlestick patterns, CHZ has created the first negative weekly candle in the last 11 weekly candles. Thus, the pattern showcases profit booking followed by buyers losing intensity, while the third candle created a clear negative movement.

The outlook on weekly candlestick patterns showcases a decline in buying momentum, but the bullish crossover of MACD is still moving strong. The probability of further decline is slim but cannot be completely ruled out.

Share