Chilliz Pullbacks from Q1 2022 highs, CHZ may retest $0.24

Chilliz prices are down six percent in the past 24 hours, recoiling from around Q1 2022 highs. Confirmation of today’s losses could see CHZ fall to $0.24 in a retest of February 2022 highs. Past Performance of Chilliz The CHZ price is down six percent in a bear breakout formation versus the USDT in the past 24 hours. The token is pulling back from March 2022 highs of around $0.32. Notably, the bear engulfing bar of April 4 is wide-ranging, reversing gains registered in the last trading week. CHZ Technical Analysis A bearish engulfing pattern in the daily chart suggests bull trend exhaustion. Although buyers rallied 125 percent from mid-February 2022, sellers appear to be in charge at spot rates. Preceding today’s lower lows was consolidation with long upper wicks pointing to selling pressure in smaller time frames. Because buyers didn’t break above the $0.30 resistance level to print new 2022 highs, the rejection of higher prices could be the base for another leg down towards February 2022 highs of around $0.24—the immediate support level. What to Expect from Chilliz? Chilliz has been one of the top-performing assets reading from price action in March 2022. After solid gains, prices are cooling down, reversing gains. The reaction at $0.32 and $0.24 would determine the immediate term price trajectory in the short term.The post Chilliz Pullbacks from Q1 2022 highs, CHZ may retest $0.24 appeared first on Cryptoknowmics-Crypto News and Media Platform.