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.
https://twitter.com/CryptoWinkle/status/1846479009778946348 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.
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.
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.
The post Chiliz Slumps by 7% to $0.07366 as Trading Volume Slows Down Sharply appeared first on Crypto News Land.
