Chiliz(CHZ)/USDT Technical Analysis: 29 December 2021

The Chiliz price has plunged from its crucial support levels recently which might impact the upcoming price rally. However, if the asset reaches the buy-zone a decent amount of volume influx can eventually flip the bearish trend. Despite the possibility of going parabolic, yet the CHZ price needs to surpass a few crucial levels to validate a bull run.

Chiliz(CHZ)/USDT Technical Analysis at a Glance

The Chiliz price had bottomed hard around $0.25 after losing the strong grip over the rally in the first few days of December. Since then, each attempt of the asset appears to have failed miserably with the most recent one. The price currently has dropped below the 20–day MA in both the short term and long term which points towards a short-term consolidation. 

Chiliz(CHZ) Technical Indicators

Technical Indicators

Pivot Points

Summary

Currently, the entire scenario for the Chililz price is completely bearish, for the short-term as well as long-term. The technicals suggest a strong buy signal whereas the price is encountering lower pivotal points. The RSI, which determines the strength of the asset, showcased a bearish divergence in the long term and therefore signaling a bearish trend waiting ahead. 

The support level is diminished in the long term compared to that of the short term and hence a greater possibility of the asset sliding below these levels surface the waters. Additionally, the resistance levels are also cemented very close to support levels indicating an extended consolidation over time. Moreover, the HVP that indicates the upcoming change within the platform has dropped in the short term. This points out that the price may come back to normal, however, in the long term it remains within the upper zone indicating a bullish trend.

Chiliz(CHZ) Technical Analysis for the Week

The CHZ price appears to have been drowning in a deep well in the short term as huge selling volume prevailed over the space. However, in the past couple of hours, the asset managed to sustain the trembled situation and after a couple of attempts, the price finally broke the downtrend line and attempted to test the next crucial levels at 200-day MA.

Source: Tradingview Date: 29-12-2021 Time: 3:30pm

• The asset has broken the downtrend as it receives a huge buying volume in the past couple of hours
• Moreover, the CHZ price is heading to test one of the crucial resistance levels at 200-day MA at $0.3079
• The trend appears to be pretty calculated and hence the price may surge slowly yet steadily to smash the upper resistance level
• The upper resistance levels lie around $0.33, attaining which a decent uptrend may be validated

Chiliz (CHZ) Technical Analysis for Today: 28 December 2021

The Chiliz price has begun the present-day trade with a bearish note and plunged to test the $0.30 levels. Despite multiple attempts to break out of consolidation, the asset has remained below the downtrend line. However, it attempted and also broke the line in the past hour but the bears appear to have jumped in action, and very soon the price may also test the trend line again. 

At the press time, the CHZ price is around $0.3045 with a more than 5% drop since the last trading day. The trading volume remains depleted by more than 23% while the market cap dropped more than 5%. Therefore, the price may continue to form lower highs and lows and retest the trend line yet again. However, after reaching the lower bands, one can expect a flip, yet it could be a short-lived one as the market sentiments are completely bearish. 

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