- Chiliz is holding on to the edge of a high cliff and is likely to fall to $ 0.22.
- The MACD decline towards the midline reinforces the bearish outlook.
- Chiliz whales unload their sacks in large quantities, which increases overhead pressure.
- The downturn will be avoided if CHZ holds support at the 50 SMA on the 4-hour chart.
Chiliz recently caught a hook at $ 0.98, stopping the huge rally that has been seen since January. A correction followed in which the token lost almost half of its value. In the meantime, the CHZ is striving to cling to vital support that could save it from a potentially massive collapse.
Chiliz declines could increase noticeably
The 4 hour channel revealed the formation of a descending triangle. This pattern is bearish and will reverse after the asset has seen a significant upward move in price. The triangle is created using two trend lines, one connecting sloping peaks and connecting the relatively equal valleys.
A collapse is expected as soon as Chiliz cuts through the triangular support (x-axis). Triangles have precise breakout and breakdown targets, measured from the highest to the lowest point of the patterns. On a 52% downturn, CHZ would examine downward levels towards USD 0.22.
CHZ / USD 4 hour chart
Santiment’s population distribution metric shows that whales are on a selling frenzy. The big volume holders have emptied their pockets since the all-time high of $ 0.98. Addresses with 1 to 10 million coins were padded at 148 on March 12, but dropped to 128 while writing. The whales downturn of 13.5% suggests that overhead pressures will continue to rise in the coming sessions.
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Distribution table for Chiliz owners
Look at the other side of the picture
The 4-hour chart shows the support for the 50 Simple Moving Average. This congestion zone of the buyer, in conjunction with the x-axis, will try to stop the potential losses. If that support continues, Chiliz will embark on a recovery mission, resulting in a massive rebound towards a new all-time high.
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