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Chiliz Token Remains Popular Despite Bearish Trend

The Chiliz token, or CHZ, has seen an increase in buying pressure despite its bearish trend in recent days.

Chiliz Token Logo
Chiliz Token Logo

This has led to CHZ being ranked among the top purchased tokens in the past 24 hours, along with the top coins in the cryptocurrency space.

CHZ Price Drop and Market Volatility

Despite this optimism from investors, CHZ has continued to experience a bearish momentum in the market. In the past week, the bears have been in control, with the bulls attempting and failing to reverse the trend.

Over the past day, CHZ's price has dropped by 1% from $0.1129 to $0.11. Despite this, CHZ's 24-hour trading volume has surged by 25% to reach $38,092,548. Meanwhile, the market capitalization has declined by 0.95% to reach $674,946,131, indicating strong market volatility.

Technical Analysis of CHZ

On the daily chart, the prior support level of $0.1093 and $0.1124 has now become the main resistance level after it was broken down. The price has exited the symmetrical triangle formation and is currently trading toward the area of support. If the price reaches the support level, we may see a trade below $0.10. However, if the bulls can successfully turn the trend around during this negative period, we may see a pullback to the resistance level of around $0.1124.

Currently, CHZ is trading below the 200 moving average (MA) and the 50 MA indicates that the bearish trend may continue for some time. However, the relative strength index (RSI) reading of 29.14 and its upward trajectory give hope to traders as CHZ moves out of the oversold region. The bears may regain control if the bulls are unable to maintain the support level and push prices higher.

The moving average convergence divergence (MACD) trend has also recently moved into negative territory, with a reading of -0.0175 and below the signal line. This supports the projection of bear domination in the CHZ market. To reverse the current position and withstand the bears, the bulls must keep the support level in place and push prices higher.