Since the beginning of the 2022 2FIFA World Cup, the value of Chiliz native token has plummeted.<\/p>\n
Due to the discovery of various issues<\/a>, the sporting event has been met with some controversies. Not to mention that just a week before the World Cup\u2019s start,<\/a> the collapse of the infamous FTX exchange shook the crypto world. But then, this is not the main point here.<\/p>\n Despite some promising advances off-chain, Chiliz continues to struggle. The token<\/a> is down more than 30% in the last two weeks.<\/p>\n There is a lot of bearish evidence in the technicals and stats. If the price drops below $0.1451, short selling becomes an option.<\/p>\n This added strain to the already overburdened Chiliz ecosystem, which has had trouble drawing in investors and sports fans despite the testnet release of its Chiliz 2.0 update<\/a>. However, CoinGecko reported a 1.3% price increase<\/a> just lately.<\/p>\n On a green candlestick, the current price of CHZ is $0.1677. An oversold Relative Strength Index (RSI) value may help to clarify the recent increase in the token\u2019s price.<\/p>\n However, the market is currently embroiled in a battle between bulls and bears, with prices remaining within the $0.3085-$0.1451 range that prevailed prior to the FTX brouhaha.<\/p>\n The market remains slightly mired in the distribution phase, with support and resistance being momentarily breached and reclaimed.<\/p>\n This has been true since the month of August. The situation may be deteriorating as CryptoQuant observes<\/a> an increase in exchange reserves for the coin.<\/p>\n According to Messari,<\/a> the volatility of the asset has been 2.13, indicating that it has been quite shaky. Having settled at -1.23, the returns relative to this volatility likewise exhibit extremely bearish characteristics.<\/p>\n Nonetheless, the MACD indicator indicates that a reversal is imminent. This may suggest\u00a0a reversal due to the RSI being oversold. However, because exchange reserves are so high, any positive reversal would be met with a tremendous negative force.<\/p>\n A certain bearish breach of the $0.1451 support could cause the current market structure of distribution to collapse. A breach of this support might send the price to the 78.60 Fibonacci level.<\/p>\n A breakdown below this level could send the price to $0.0791. As the market recovers from the correction triggered by the FTX crash<\/a>, CHZ should be able to ride this wave and emerge in a better shape.<\/p>\n\n CHZ total market cap at $1.02 billion on the daily chart | Featured image: DailyCoin, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Since the beginning of the 2022 2FIFA World Cup, the value of Chiliz native token has plummeted.<\/p>\n Due to the discovery of various issues<\/a>, the sporting event has been met with some controversies. Not to mention that just a week before the World Cup\u2019s start,<\/a> the collapse of the infamous FTX exchange shook the crypto world. But then, this is not the main point here.<\/p>\n Despite some promising advances off-chain, Chiliz continues to struggle. The token<\/a> is down more than 30% in the last two weeks.<\/p>\n There is a lot of bearish evidence in the technicals and stats. If the price drops below $0.1451, short selling becomes an option.<\/p>\n This added strain to the already overburdened Chiliz ecosystem, which has had trouble drawing in investors and sports fans despite the testnet release of its Chiliz 2.0 update<\/a>. However, CoinGecko reported a 1.3% price increase<\/a> just lately.<\/p>\n On a green candlestick, the current price of CHZ is $0.1677. An oversold Relative Strength Index (RSI) value may help to clarify the recent increase in the token\u2019s price.<\/p>\n However, the market is currently embroiled in a battle between bulls and bears, with prices remaining within the $0.3085-$0.1451 range that prevailed prior to the FTX brouhaha.<\/p>\n The market remains slightly mired in the distribution phase, with support and resistance being momentarily breached and reclaimed.<\/p>\n This has been true since the month of August. The situation may be deteriorating as CryptoQuant observes<\/a> an increase in exchange reserves for the coin.<\/p>\n According to Messari,<\/a> the volatility of the asset has been 2.13, indicating that it has been quite shaky. Having settled at -1.23, the returns relative to this volatility likewise exhibit extremely bearish characteristics.<\/p>\n Nonetheless, the MACD indicator indicates that a reversal is imminent. This may suggest\u00a0a reversal due to the RSI being oversold. However, because exchange reserves are so high, any positive reversal would be met with a tremendous negative force.<\/p>\n A certain bearish breach of the $0.1451 support could cause the current market structure of distribution to collapse. A breach of this support might send the price to the 78.60 Fibonacci level.<\/p>\n A breakdown below this level could send the price to $0.0791. As the market recovers from the correction triggered by the FTX crash<\/a>, CHZ should be able to ride this wave and emerge in a better shape.<\/p>\nWhen Will CHZ Get Its Zing Back?<\/h2>\n
Will There Be A Reversal?<\/h2>\n
When Will CHZ Get Its Zing Back?<\/h2>\n
Will There Be A Reversal?<\/h2>\n