- CHZ flips its market outlook to bearish.
- Will bears eventually push Chiliz to $0.18?
Chiliz, the digital coin for sports tokenization, has witnessed doubt creeping within the last few weeks. The massive performance during August’s initial sessions and mid-September seemed to have faded. Also, Bitcoin presented some weakness, barely holding the $19K value area.
Volatility could or couldn’t magnify during the weekend, though October 10 might clarify Bitcoin’s next move. The value area at $19.6K and $19K represents near-term zones for BTC. And they might impact Chiliz’s sentiments in the coming days.
Analysts expect $0.24 to be dependable support for the token. Nevertheless, CHZ plummeted beneath the market within the last few days, and sellers seem to control market actions during this publication.
Chiliz Displays Bearish Outlook on Price Charts
The technical viewpoint showed that CHZ exhibited a bearish stance on the twelve-hour chart. The altcoin printed a lower low some fourteen days ago. And that had it flipping its market outlook to bullish. Meanwhile, a bear order block formed at $0.24.
Also, it was beside a vital zone at $0.274, making the region a probable area where sellers might catalyze a massive bearish activity following a retest. The RSI (Relative Strength Index) reinforced this tale, with a decline beneath the 50-neutral.
Furthermore, late September sessions saw the 12hr RSI retesting the 50-neutral as resistance before plunging to 40. Also, the OBV (on-balance volume) exhibited downtrends within the previous month.
Meanwhile, the CMF (Chaikin Money Flow) dipped well beneath -0.05 in that timeframe, showing substantial capital leaving the marketplace amidst magnified sellers.
Southward actions might see $0.2 serving as support and providing a rebound. More dips would hit $0.18, a liquidity pocket that has seen buyers reversing the selling momentum within no time.
Exchange Balance Sees Increased Inflows Amid Sellers’ Dominance
Santiment charts indicated a massive increase in CHZ’s social volume during September’s late sessions. Besides this uptick, volume remained low. Yet, the lows have seen definite upticks since July. That showed more individuals talking about the crypto projects, especially as the World Cup approached. That might trigger more demand for Chiliz.
The exchange balance flow outflows outweighed inflows within the previous month. This trend shifted last week. Inflows have soared, and that might signal seller strength. A revisit to $0.24 might see CHZ encountering rejection, offering sellers a ‘short’ opportunity. That can welcome more dips toward the support at $0.18.