Chiliz is an open-source blockchain network conceptualized for providing fintech tools and services for enhancing sports entertainment. It has developed Socios.com to facilitate sportsperson to engage fans and monetize their online presence. CHZ is the prime governance token of this ecosystem and the technical analysis is as follows: Past Performance On May 25, 2021, CHZ opened at $0.26. On May 31, 2021, CHZ closed at $0.28. Thus, in the past week, the CHZ price has decreased by approximately 8%. In the last 24 hours, CHZ has traded between $0.27-$0.29. https://ift.tt/3wITUrF Day-Ahead and Tomorrow Currently, CHZ is trading at $0.27. The price has decreased from the day’s opening price of $0.28. Thus, the market seems bearish. The MACD and signal lines have just turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to go down further. Currently, the RSI indicator is at 37%. It faced rejection at 44% and fell to this level. Thus, selling pressures are higher than buying pressures. Hence, like the MACD oscillator, the RSI oscillator is also indicating a further price decline. Besides, the OBV indicator has steeply fallen too. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the CHZ price. In short, all three oscillators have given bearish signals. CHZ Price Analysis Currently, the price is below the Fibonacci pivot point of $0.28. The price may soon fall below the first support level of $0.272. If the bears remain strong till day end, then the price is likely to fall below the subsequent support levels of $0.267 and $0.26, respectively. The price has tested and fallen below the 38.2% FIB retracement level of $0.277. The price may soon test and fall below the 23.6% FIB retracement level of $0.275. Thus, as of now, the price downtrend is strong and likely to continue today and tomorrow.
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