- The past few days saw CHZ entering high volatility phase, according to the BBs.
- The token’s exchange outflows confirmed significant insights.
Chiliz’s bearish attack from the 3-month trend-line resistance triggered a massive pullback within the last 48 hours. The resultant slump dragged the alternative token into a bearish track.
Considering CHZ’s somewhat high correlation with Bitcoin, enthusiasts should continue to assess the broad market cues before executing positions. While publishing this blog, CHZ traded near $0.1809. The alt declined by 7.36% within the past 24 hours.
Can Buyers Launch Impressive Fight?
Bulls triggered an upside move after securing dependable grounds from the longer-term support near the $0.16 value area. The revival entailed a staggering 65% ROI while printing a climbing wedge on the 24-hour chart. Meanwhile, CHZ saw an anticipated drop from the Bollinger Bands’ upper band and the trend-line resistance.
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The downside emerged after Chiliz printed a bearish engulfing candle. The broad market uncertainty and the bearish pattern meant lucrative incidents for a massive reversal. A robust bounce-back from the support at $0.1534 might position CHZ to halt the bearish pressure.
An eventual or immediate bullish comeback might trigger an upside to the initial massive resistance near the 200-Exponential Moving Average before hitting the Bollinger Bands’ basis line.
A closing beyond this level would confirm bearish invalidation possibilities. Nevertheless, previous reversals from the hurdle at the 200 Exponential Moving Average have intensified the selling momentum. Such circumstances can delay recovery chances, while bears target a retest of $0.129 – $0.132.
The RSI (Relative Strength Index) and the OBV (on balance volume) bounced back following a bullish divergence with CHZ’s price action. The Relative Strength Index’s rebound from beyond the oversold region bought near-term hopes.
Exchange Outflows Affecting Chiliz’s Price?
Santiment’s data shows CHZ saw a notable uptick in exchange outflows on November 8. Such upswings often welcome gradual price increases due to heightened investor sentiment. Meanwhile, the altcoin was yet to trigger higher troughs or peaks.
That’s because of the CHZ-BTC correlation. Therefore, investors should watch Bitcoin’s price movements for profitable undertakings. Possible targets would stay as mentioned.