Chiliz (CHZ) has lost over 35% since the start of the World Cup and is now struggling with support. We saw a similar scenario at Crypto.com back when the NFL finals took place.
Right now we're trading at around $0.17, close to our last low at around $0.169. We should get this one.
There is a lot of trading volume there or this low was formed with a lot of volume, which is why it would only be logical that we get this one.
If we then stabilize there, there is a chance that we will form a double bottom and thus reverse the trend in the near term.
In the daily chart, the picture does not look so bearish. We are still in a clearly visible uptrend there. This goes up to around USD 0.15 and could still be tested.
At the same time, a large ascending triangle (bullish) is forming, which would only be confirmed once more if the trend line/uptrend were tested.
Since we still have a big wick with a lot of volume at around 0.1450, it would be desirable to get that as well. However, we should not spend several days under the trend.
Then the trend would finally be broken and we have to deal with lower prices. According to the current status, we are still in an uptrend, despite the strong correction.
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