• Chiliz has been in the grip of the bears since 21 November, with losses of 41.8% sustained in December.
• A bearish order block on the daily chart of Chiliz could pose a stern challenge to bulls.
• Bitcoin was dithering around the $16.7k area, unable to break above $17k and not ready for a plunge below $16.4k-$16.2k support.
The cryptocurrency market has been in a state of flux in recent weeks, with the price of Bitcoin (BTC) struggling to break beyond the $17,000 level. This has caused some uncertainty and volatility in the market, particularly for altcoins such as Chiliz (CHZ). CHZ has been under the grip of the bears since 21 November, with losses of 41.8% sustained in December. This has been a difficult period for CHZ investors, with the bearish sentiment continuing to dominate the market.
On the daily chart, Chiliz formed a bearish order block, which could pose a stern challenge to bulls. This move downward from $0.145 to $0.1 devastated the bulls, and also offered areas of interest for the bears to look for shorting opportunities on a retest. This is particularly concerning as Bitcoin continues to dither around the $16.7k area, unable to break above $17k and not ready for a plunge below $16.4k-$16.2k support.
Despite the bearish sentiment, the past few hours of trading saw CHZ boost as high as $0.1185. This reversal from $0.1185 indicates that there may be some hope for Chiliz bulls, offering a glimmer of opportunity to take profits or to enter a long position. However, it is important to remember that this is a volatile market and that caution should be exercised when making any trading decisions.
It is worth noting that Chiliz has a number of advantages over other cryptocurrencies, such as its utility in the sports entertainment industry. Chiliz is the native token of the Socios platform and is used to power its fan engagement products. This utility provides CHZ with an additional layer of value, which could be appealing to investors looking for a more viable long-term option.
Overall, Chiliz is a cryptocurrency with great potential, but the current market structure remains bearish. As such, it is important to exercise caution when making any trading decisions and to take into account the technical indicators and market sentiment before entering any positions.