Chiliz Bulls Remain Watchful As CHZ Feeling Bearish Impulse

Christian Encila

2 years ago

3 mins read

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Since a prospective trend reversal appeared on the charts, Chiliz bulls have been hesitating. The Scoville Testnet’s fourth and final phase, Cayenne, was released by the Chiliz team on October 24. A new developer’s guide and associated GitHub repository were also made available.

In addition to this, Chiliz has seen other positive changes. The token issued by the Italian Football Federation has just been offered on many cryptocurrency platforms. A few days ago, Chiliz also launched ChilizX, a token exchange specifically for Chiliz fans.

The network’s native coin, CHZ, is experiencing strong bearish momentum as of this writing, despite encouraging indicators of growth for the network and the token.

???????? ??????? ????? ? – CAYENNE is LIVE! ?️

Introducing the Chiliz Chain 2.0 Developer Guide & GitHub repo ?‍??

All the information you need to start building a local node is now available ✅#ChilizScoville ⚡️ $CHZ

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) October 24, 2022

However, with the FIFA World Cup just around the corner, the question remains: will suffering befall CHZ? Or, will the cautious bulls finally find some respite?

The Technicals Aren’t Looking So Rosy

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

An inverted triangle formed as a result of previous price activity, adding weight to $0.2078 as a point of imminent resistance. As the commencement of the FIFA World Cup is expected to drive up the price of CHZ, this could be an issue for long-term investors.

As of this writing, the CMF index is 0.18, indicating that bulls continue to control the market. However, this positive CMF value could be surpassed by a bearish Stoch RSI cycle. The link between CHZ and BTC is also strengthening.

The current correlation coefficient between CHZ and BTC is 0.49, indicating that CHZ will track Bitcoin’s price fluctuations relatively closely. Nevertheless, despite the bearish Stoch RSI cycle, the momentum indicator favors the bulls.

Chiliz: Reluctance Unwarranted

The charts seem to show that the bulls’ current reluctance is mostly unwarranted. The bearish Stoch RSI cycle could drag the price of CHZ below its present support of $0.1863, though.

The exchange reserves of CHZ decreased by 4.3% in the past 24 hours, but increased by 13.77% in the past week, according to CryptoQuant statistics.

In order for the bullishness to continue as the trading day progresses, CHZ must conclude with a lengthy bottom wick. Currently, this may be the case, as CHZ is trading at $0.1903 with a red candle that has a lengthy bottom wick.

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

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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