Chiliz (CHZ) Finds Cover At This Level, But Why Is Further Decline Expected?
Chiliz (CHZ) looks bearish as it shaved off as much as 64% in 50 days. This entertainment- and sport-based blockchain platform is built on Socios and allows fans to interact with sporting brands and teams.
Here’s a quick glance at how the crypto is performing so far:
- Chiliz plunges by 0.70%
- Sellers are seen to dominate the bearish market
- CHZ has trimmed down as much as 64% in just 50 days
With that said, users can fully take advantage of the platform to stake and dish out exclusive information and news tidbits from their favorite sporting teams, plus also freely share their opinions on the latest news.
The 2022 FIFA World Cup gave Chiliz a boost as it pumped up the orders. However, Chiliz cant seem to keep up with the rest of the cryptocurrencies and has been lagging behind or going downward spiral.
CHZ Currently Trades At $0.1085
According to CoinMarketCap, CHZ is down by 0.70% or trading at $0.1085 as of this writing. With this scenario, the sellers clearly have the upper hand while the buyers need to hang on and wait for the market to switch to bullish and stabilize in terms of demand before placing any bids.
Chiliz is a crypto exchange with the CHZ token explicitly designed for buying fan tokens that give users the ability to decide and govern regarding certain policies, stadium names, team lineups, franchises, and selection of players.
In addition, the CHZ token also functions similarly to BEP2 on Binance and ERC20 token on Ethereum.
CHZ total market cap at nearly $666 million on the daily chart | Chart: TradingView.com
Hitting The Oversold Zone
Chiliz was seen wading along the lines of $0.1637 to $0.29 since August. Now, when the lows in this range were breached and then retested as resistance in December, this has shown how sellers have the evident upper hand in the market.
RSI for CHZ is seen to have dipped below the neutral range of 50 on November 20. It is currently sitting at 9.2, which means it has reached the oversold zone.
Considerably, the CMF also moved down in the same period with sizeable capital flushed out of the market.
Chart: CHZ/USDT on TradingView
Over the past few days, the Fibonacci extension level, which acted as support, was spotted at 24.3% across the $0.107.
Sellers can shoot towards going short, given the 21-period MA, which worked as resistance this month. Sellers can then target $0.088 and $0.073 rendered as take-profit levels.
Chiliz Price Prediction
Meanwhile, Anton Kharitonov, a Traders Union crypto analyst, has a different forecast for the price of Chiliz.
According to Kharitonov, Chiliz will fluctuate between $0.00558 (the low end of the projection) and $0.0167 (the high end of the forecast) between now and the end of 2023.
Kharitonov’s analysis suggests that the price of CHZ will rise to $0.20 by then.