Chiliz Bulls Remain Watchful As CHZ Feeling Bearish Impulse

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Chili’s bulls are hesitating since a possible trend reversal has appeared on the chart. The fourth and final tier of the Scoville testnet, Cayenne, was released on October 24 by the Chiliz team. A new developer guide and associated GitHub repository were also made available.

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Apart from this, more positive changes have been seen in chilis. The token, issued by the Italian Football Federation, has just been offered on several cryptocurrency platforms. A few days ago, Chiliz also launched ChilizX, a token exchange exclusively for Chiliz fans.

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network’s original coin, CHZThe network and token is experiencing strong bearish momentum as of this writing, despite encouraging indicators for growth.

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However, with FIFA World Cup Just around the corner, the question remains: Will CHZ suffer? Or, will the alert bulls finally get some respite?

techno ain’t looking so rosy

coingeco reports While the CHZ has depreciated over the past 24 hours, it has gained about 13% over the past week and 2.4% over the past two weeks. Long-term investors are responsible for this trend.

The previous price action resulted in the formation of an inverted triangle, which added weight to $0.2078 as a point of imminent resistance. Since the start of the FIFA World Cup is expected to increase the price of the CHZ, this could be an issue for long-term investors.

At the time of writing, the CMF index stands at 0.18, which indicates that the bulls continue to control the market. However, this positive CMF price could be crossed by a bearish Stoch RSI cycle. The link between CHZ and BTC is also getting stronger.

The current correlation coefficient between CHZ and BTC is 0.49, which indicates that CHZ will track bitcoin price movements relatively closely. Nevertheless, the momentum indicator favors the bulls despite the bearish Stoch RSI cycle.

Chiliz: Reluctantly Inappropriate

The charts seem to show that the current reluctance by the bulls is mostly unjustified. However, a bearish stochastic RSI cycle could drag CHZ price below its current support of $0.1863.

According to Cryptoquant, CHZ’s exchange reserves decreased by 4.3% in the past 24 hours, but increased by 13.77% in the past week. Statistics.

Bullishness continues as the trading day progresses, CHZ should end with a long bottom wick. Currently, this may be the case, as CHZ is trading with a red candle at $0.1903, which has a long bottom wick.

CHZ market cap at $1.2 billion on the daily chart | Featured image from Somag News, Chart:

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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