The Chiliz (CHZ) price has been decreasing since Nov. 19 and is showing no bullish reversal signs despite the ongoing FIFA World Cup. The Chiliz price has increased since June 18. The upward movement was swift and led to a high of $0.297 on Nov. 7. However, the price fell sharply afterward and created a lower high on Nov. 19 (red icon).
Another downward movement followed afterward. The Chiliz price is now trading at the 0.618 Fib retracement support level at $0.163. This is a crucial level since it is the final support area prior to $0.133. On Dec. 2, the CHZ price created a bullish candlestick (green icon) but has failed to initiate an upward movement. So far, the trend this month has been bearish. While the Chiliz ecosystem is home to various fan tokens and was expected to receive a boost during the FIFA World Cup, that has yet to occur. On the bullish side, the daily RSI has generated a considerable amount of bullish divergence. Moreover, the divergence trend line is still intact. Therefore, the price action provides a bearish outlook, while the RSI readings a bullish one. As a result, the daily time frame is insufficient to predict the future Chiliz price prediction.
CHZ/USDT Daily Chart. Source: TradingView Chiliz Price: Long-Term Resistance Intact The technical analysis from the weekly time frame shows that the price of CHZ has decreased underneath a descending resistance line since reaching the previous all-time high price of $0.944 in March 2021. More recently, the line caused a rejection on Nov. 7. The rejection was combined with bearish divergence in the weekly RSI (green line), increasing its legitimacy.
Therefore, the weekly chart suggests that the most likely CHZ price forecast is a fall toward $0.13. This bearish long-term Chiliz price outlook would only be invalidated with a breakout from the descending resistance line. CHZ/USDT Weekly Chart. Source: TradingView For BeInCrypto’s latest crypto market analysis, click here. Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk.
Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions. The post Can FIFA World Cup Revive Chiliz (CHZ) Flagging Price Action? appeared first on BeInCrypto.
Source : [Can FIFA World Cup Revive Chiliz (CHZ) Flagging Price Action?BeInCrypto by Valdrin Tahiri / December 06, 2022 at 01:02PM//keep unread//hide](beincrypto.com/can-fifa-world-cup-revive-chiliz-chz-price/) by Valdrin Tahiri - December 06, 2022