The Chiliz (CHZ) price has been decreasing since Nov. 19 and is showing no bullish reversal signs despite the ongoing FIFA World Cup.
The Chiliz price has increased since June 18. The upward movement was swift and led to a high of $0.297 on Nov. 7.
However, the price fell sharply afterward and created a lower high on Nov. 19 (red icon). Another downward movement followed afterward.
The Chiliz price is now trading at the 0.618 Fib retracement support level at $0.163. This is a crucial level since it is the final support area prior to $0.133.
On Dec. 2, the CHZ price created a bullish candlestick (green icon) but has failed to initiate an upward movement. So far, the trend this month has been bearish. While the Chiliz ecosystem is home to various fan tokens and was expected to receive a boost during the FIFA World Cup, that has yet to occur.
On the bullish side, the daily RSI has generated a considerable amount of bullish divergence. Moreover, the divergence trend line is still intact.
Therefore, the price action provides a bearish outlook, while the RSI readings a bullish one. As a result, the daily time frame is insufficient to predict the future Chiliz price prediction.
Chiliz Price: Long-Term Resistance Intact
The technical analysis from the weekly time frame shows that the price of CHZ has decreased underneath a descending resistance line since reaching the previous all-time high price of $0.944 in March 2021.
More recently, the line caused a rejection on Nov. 7. The rejection was combined with bearish divergence in the weekly RSI (green line), increasing its legitimacy.
Therefore, the weekly chart suggests that the most likely CHZ price forecast is a fall toward $0.13. This bearish long-term Chiliz price outlook would only be invalidated with a breakout from the descending resistance line.
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