• Chiliz faces a 7% fall as market activity weakens.  
  • The token is struggling to break the $0.08 resistance level.  
  • Low trading volume signals a challenging path ahead for CHZ.

CHZ, a cryptocurrency known for sports fan engagement, has fallen 7% to $0.07366. This drop came with a precise decrease in trading volume, which also fell 45.78% to $109.61 million. Additionally, the market cap decreased to $671.87 million, reflecting the overall struggles of the cryptocurrency market. A prominent crypto analyst, Crypto Winkle, expounds on the advantageous aspects that would be in favour of the coin by illustrating technical indicators and its essence and history.

$CHZ breaking out! @Chiliz smashes through key resistance at $0.08. 🌶️💹

Technical Indicators:
🔹RSI heating up at 62.5
🔹MACD crossover confirms bullish momentum.

Next major resistance at $0.16 – over 100% upside potential!

With sports seasons kicking off globally, $CHZ … pic.twitter.com/l1Zx0WYtd6

— Crypto Winkle (@CryptoWinkle) October 16, 2024

Relevant Drop in Trading Volume

Chiliz saw an essential decline in its trading volume, showing reduced buyer desire. The 45.78% drop in volume means less liquidity, which makes price recovery harder according to the latest data from Coinmarketcap . A lower volume can also indicate that there is less confidence in short-term development. With the current volume-to-market cap ratio at 16.42%, the economic balance shows clear signs of slowing down.

Chiliz Slumps by 7% to $0.07366 as Trading Volume Slows Down Sharply image 0 Chiliz Slumps by 7% to $0.07366 as Trading Volume Slows Down Sharply image 1

Source: Coinmarketcap

In addition to trading volume, the market cap fell to $671.87 million. This aligns closely with the token’s fully diluted valuation of $671.74 million, showing a lack of short-term optimism for significant price increases. The decline in both trading volume and market cap shows that Chiliz is being affected by the larger market’s downturn.

Facing Resistance at $0.08

The token is up against strong resistance at the $0.08 mark. The coin briefly hit $0.07903 before falling back. If the price cannot break this resistance, further declines may be likely. However, if it manages to rise past this level, it could indicate a potential turnaround for the token.

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The total circulating supply of Chiliz is 9.12 billion tokens, and this large supply limits the chances for quick price jumps. The resistance at $0.08 remains a key barrier to its price movement. Whether it can break through that level remains uncertain.

Short-Term Prospect Looks Challenging

For now, Chiliz’s outlook remains difficult. The low trading volume has made it hard for CHZ  to recover quickly. Besides, the refusal at $0.08 is adding further pressure, making instantaneous gains unlikely. The Crypto Winkle basically addresses that unless trading activity picks up, the token may struggle to break out of its current downward trend.

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