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Chiliz price analysis: CHZ price rapidly declines below $0.293 as bears exert control

Chiliz price analysis CHZ price rapidly declines below as bears exert control

TL;DR Breakdown

  • The price has gone down to $0.29 level.
  • Chiliz price analysis shows bearish trend.
  • Support is still stable at $0.231.

The cryptocurrency is going through a loss as the price underwent a decline up to $0.293 today. The downtrend has been quite constant since the past week, and even today the price has followed a downward movement. The reversal in trends had been quite unexpected as the bulls were leading previously. Nonetheless, the bears have taken charge once again and the price has been devalued.

CHZ/USD 1-day price chart: Bearish swing deflates price levels to $0.294

The bearish momentum has been intensifying according to the one-day Chiliz price analysis. The price has been downgraded to $0.294 as a result of the constant downflow. The past few days have been quite discouraging for the cryptocurrency as a strong bearish trend was going on. Similar trends have been reported during the last 24-hours as well. The price has gone below the moving average (MA) value as well which is standing at $0.313.

Chiliz price analysis: CHZ price rapidly declines below $0.293 as bears exert control 1
CHZ/USD 1-day price chart. Source: TradingView

The volatility is increasing which means that the downswing might last for the coming week as well. If we discuss the Bollinger bands Indicator, then its upper value is at $0.35 and the lower one is at $0.231 position. The Relative Strength Index (RSI) score has been lowered to 47 as well.

Chiliz price analysis: Bearish depression results in collapse below $0.293

The 4-hours Chiliz price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $0.294. Moving on, the moving average indicator is showing its value at $0.305 at the time of writing.

Chiliz price analysis: CHZ price rapidly declines below $0.293 as bears exert control 2
CHZ/USD 4-hours price analysis. Source: TradingView

The volatility has increased because of the bearish slope and the Bollinger bands are expanding. The upper Bollinger band is standing at $0.342, the lower Bollinger band is at $0.291, while the overall average is being maintained at $0.317. The RSI score dropped drastically to 35.23 as well, quite near the undersold zone.

Chiliz price analysis: CHZ price rapidly declines below $0.293 as bears exert control 3
CHZ/USD technical indicators chart. Source: TradingView

The technical indicators chart is confirming the bearish lead with a selling signal. There are 15 indicators on the selling spot, with nine indicators on the neutral and only two indicators on the buying spot.

The moving averages indicator is giving out a strong bearish signal as the price levels have been dropping since the past week. We can see 13 indicators on the selling level while one indicator each is present on the neutral and buying levels. The Oscillators are indicating a neutral trend with eight oscillators standing on the neutral position, two on the selling position, and only one oscillator on the buying position.

Chiliz price analysis conclusion

The one-day, as well as the four hours Chiliz price analysis, is predicting that a downtrend has been following since last week. The bears are leading the game at the moment and the price levels have been brought down to $0.293 as a consequence. A further downfall can be expected as the bears have been dominating for the past few hours as well. The price has been persistently moving down, which means that chances of improvement for the bulls are still on the limited side.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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