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CHZ in the no-trade zone, while the on-chain metrics show a declining dynamic

  • Chiliz is trading between 50 SMA and 100 SMA on the four-hour chart.
  • A decrease in the number of active addresses on the network means fate for CHZ if the decrease decreases.
  • The parabolic SAR indicator has a bullish impulse which suggests that bulls are in control.

Chiliz has been consolidating for almost two weeks. Attempts to rebound to an all-time high of $ 0.91 have been foiled despite immense support given to the bulls. Meanwhile, CHZ is hovering at $ 0.51 and looking forward to a breakout from the consolidation.

Two technical levels limit the price movement in Chiliz

Chiliz has welcomed immediate support on the 50 Simple Moving Average (SMA) on the four-hour chart. This area of ​​congestion for buyers keeps sellers in check. On the other hand, the 100 SMA cap is moving north, delaying the recovery.

The Moving Average Convergence Divergence (MACD) indicator reinforces the consolidation as it moves sideways on the center line. Currently, CHZ does not have a bearish or bullish bias. The MACD line (blue) above or below the signal line shows whether Chiliz will be bearish or bullish in the short term.

CHZ / USD four hour chart

Chiliz bearish outlook

The number of active addresses in the network has been declining since mid-March. According to Santiment’s 24-hour metric for active addresses, nearly 1,700 addresses are actively interacting on the network. That number has dropped massively from around 6,400 on March 14, a decrease of 73.4%.

Note that as the active addresses decrease, so do the speculations. Thus, the token lacks the tailwind to recover; Therefore, if the downtrend in the addresses continues, the CHZ price may continue with the downtrend.

Chiliz active addresses

Chiliz active addresses

The bearish outlook was also underscored by IntoTheBlock’s IOMAP model, which has immense resistance between $ 0.53 and $ 0.546. Almost 4,400 addresses bought around 755 million CHZ here. While breaking above this zone would be a difficult task, if broken, CHZ could confirm a bullish breakout towards USD 0.91.

On the flip side, the lack of significant areas of support is a bearish signal. The zone between $ 0.5 and $ 0.51 is one of the weak anchors. It contains around 3,000 addresses that previously bought around 76.5 million CHZ. If it breaks, Chiliz can fall towards support at $ 0.4.

Chiliz IOMAP chart

Chiliz IOMAP chart

Look at the other side of the fence

Chiliz has a bullish impulse according to the parabolic SAR indicator. The technical trend indicator is below price, which suggests that bulls are still in the game. If price stays above 50 SMA on the four hour chart, CHZ will build momentum towards 100 SMA. Price movements above the resistance at 100 SMA may confirm a rebound to the record high.

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