CHZ Price is Consolidating At Lowest, What’s Next?
Chiliz (CHZ), a cryptocurrency, fans can trade tokens on Socios.com, a platform for sports and entertainment. Fans can buy fan tokens with CHZ, which lets them vote and enjoy other benefits on Socios.com.
Fan tokens are influenced by the market sentiment and the sports seasons. They perform well when the seasons are active, but they may decline when the seasons are over. The CHZ ecosystem may see more activity as the UEFA final match is near. This period could be a good time to buy CHZ.
The maximum market cap of Chiliz (CHZ) is $511,892,393, assuming all 8.9 Billion CHZ tokens are available today. This is called the fully diluted valuation (FDV) of CHZ. However, the actual number of CHZ tokens in circulation today may be less, depending on how they are released over time. Therefore, it may take several years for the FDV to be achieved.
Chiliz crypto surged 0.19 % in market value and by 34.21% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data website. Its market value is $$430,651,474 and its trading volume is $22,602,793. There are 7,466,079,839 CHZ in circulation.
Chiliz (CHZ) open interest is $16.21 Million, as per Coinglass, which is a crypto analysis website, it fell by 1.95% in the previous session. The long versus short ratio for 24 hours is 0.9342. The total number of short positions added in the last 24 hours is zero against longs of $1,954.579.
Moreover, Chiliz (CHZ) has not shown good performance this month, as it fell by 9.95% and by 51.08% in the past six months, showing underperformance. Also, the year-to-date return of CHZ price is negative with a 42.00% decline.
CHZ Coin Price Technical Analysis in 1-Day Timeframe
The CHZ price faced resistance from the exponential moving averages (EMAs) and was trading at $0.05780000 price with an intraday gain of 0.20%.
At the time of publishing, Chiliz is trading below the 20 and 50-day EMAs (exponential moving averages) which are rejecting the CHZ price trend.
The MACD line at 0.00121126 and the signal line at 0.00155189 are both under the zero line and they are crossing each other. The histogram gap is narrow in the MACD oscillator, which shows that the price is consolidating.
The RSI value is 42.55 points and the 14-day SMA is 41.51 points, which is below the middle line. This means that the price is below the median line.
The CHZ price had been falling for a long time following a downward trendline on the charts and facing constant resistance. At the time of writing, CHZ price is at 0.05780000; trading near vital support and moving sideways in a range.
Furthermore, if CHZ breaks above the nearest resistance, it may rise for reclaiming levels. On the upside, CHZ price could meet the nearest resistance levels at $0.080000 and $0.0100000.
On the other hand, CHZ price could resume its downtrend and reach the nearest support levels at $0.050000 and $0.040000 if it fails to hold the current level.
Conclusion
CHZ price shows a negative outlook and expectations of the investors and traders about CHZ in the daily chart. Chiliz price movement shows a bearish trend at the time of writing as CHZ is under the trendline resistance and moving sideways. Furthermore, the technical indicators of the Chiliz price suggest that the consolidation may turn into a downtrend in the daily chart. The important reliable indicators MACD, RSI, and EMA, give negative signals about the CHZ price.
Technical Levels:
- Support levels: $0.050000 and $0.040000
- Resistance levels: $0.080000 and $0.0100000
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
