Chiliz (CHZ) was able to form a small uptrend recently, which has now been broken again. We were rejected right at the beginning of the month at the monthly resistance R2.
At the moment we are trading at around USD 0.15 exactly between the monthly resistance R1 and R2. This support is holding us back from a major correction so far, although trading volume is clearly down.
If this support breaks, it should go to the area around 0.125 relatively quickly. That's where the 200 SMA (last 200 moving averages/purple) and the 200 EMA is in the 4H chart at the moment.
On the daily chart we have to keep an eye on two levels. USD 0.16 must be broken to remain bullish. A retest must be carried out here, then CHZ can continue its journey.
If the support breaks at USD 0.14, we see the retest of the former range and the above support zones at around USD 0.12 – 0.125. There should then be a counter-reaction upwards, otherwise the trend is broken and we have to orient ourselves further downwards.
Down there are also the Daily-EMA Ribbons. Furthermore, the RSI is relatively high, which is why a correction is more likely than another pump.
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