Chiliz price has been trading in a loose descending channel since mid-March with complete evaporation of trade volume on the daily chart. It demonstrates that CHZ buyers don't exist and sellers are crawling to the exits. As a result, Chiliz may have a fundamental catalyst to drive it from the lackluster decline since March 12.

Chiliz price not showing emotion or commitment

The In/Out of the money Around Price (IOMAP) data shows an exceptional resistance level between $0.493 and $0.506, which correlates closely with the 0.50 retracement support level and therefore the 21-day SMA on the daily price chart.

On the downside, the IOMAP data shows anemic support below $0.439, which corresponds closely to the present price.

It is only a matter of time before CHZ breaks from the channel. the chances of a break to the downside are high considering the delicate support highlighted by the IOMAP data.

A break to the downside would quickly put the main target on the 50-day SMA at $0.327. No additional support comes into play until the 0.786 retracement level at $0.220. If panic overwhelms the market, traders should look for support at the 100-day SMA at $0.175.

The resistance is now well-noted. However, market participants shouldn't rule out a fundamental catalyst emerging to take control of the market and drive CHZ through the key levels.

Optimistic speculators should target the 0.50 retracement level of the decline since the March high at $0.698 as the first profit target. A follow-through would discover resistance at the 0.618 retracement level at $0.764 then the 0.786 retracement level at $0.857. A test of the all-time high at $0.976 should be evaluated only after the rebound has begun.

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