Chiliz (CHZ) price extends its correction, trading below $0.040 at the time of writing on Tuesday, after falling through a key resistance level set the previous day.
Chiliz price extends its correction on Tuesday after failing to break a key resistance area on Monday.On-chain and derivatives data signal bearish sentiment prevails, with rising retail activity, overheating conditions, sell dominance and increasing short bets.
The technical outlook indicates weakness in momentum indicators, suggesting a deeper correction ahead.Chiliz price extends its correction, trading below $0.040 at the time of writing on Tuesday, after falling through a key resistance level set the previous day. The bearish sentiment around CHZ intensifies, with on-chain and derivatives data showing weak conditions, and the technical outlook is unfavorable. Chiliz on-chain and derivatives data point to further downsideCryptoQuant’s summary data supports a bearish outlook for CHZ. Both spot and futures markets show signs of rising retail activity, overheating, and seller dominance, suggesting a potential correction ahead.On the derivatives side, data from Coinglass shows that CHZ’s long-to-short ratio is at 0.76 on Tuesday, the lowest level in over a month. This ratio, being below one, indicates bearish sentiment in the market, as more traders are betting on CHZ’s price to fall.CHZ long-to-short ratio chart. Source: CoinglassChiliz Price Forecast: CHZ momentum indicators support a deeper correctionChiliz price has been in a downward trend since mid-January after failing to overcome the weekly resistance at $0.063. CHZ price faced resistance around two Exponential Moving Averages – the 100-day at $0.042 and 200-day at $0.041 – on Sunday, and declined by more than 6% through Monday. At the time of writing on Tuesday, CHZ is trading at around $0.039.If CHZ continues its downward trend, it could extend the correction toward the daily support at $0.037.The Relative Strength Index reads 38, below its neutral level of 50, and points downward, indicating that bearish momentum is gaining traction. Moreover, the Moving Average Convergence Divergence showed a bearish crossover on January 21, which remains intact, further supporting the negative outlook.CHZ/USDT daily chartAny chances of a recovery hinge on CHZ closing above the 100-day EMA at $0.042. If this level is cleared, the next resistance would be found at $0.048. Related news Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP consolidate after massive sell-off Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals Hyperliquid Price Forecast: HYPE consolidates as traders show mixed sentiment
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