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CHZ investors must keep a close watch on the FTX acquisition for these reasons

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Following the market downturn on 8 November, Chiliz [CHZ] broke out of a rising wedge to suffer a 17% price decline in the last 24 hours Buying pressure declined significantly on a daily chart as sellers controlled the market Most CHZ holders incurred losses on their investments in the past 24 hours At the time […]

With the market plagued by a

With less buyers’ conviction to accumulate, sellers controlled CHZ on a daily chart. The news of Binance’s proposed acquisition of competition FTX caused CHZ to break out of a rising wedge it had formed since 21 October. Between 21 October and 8 November, CHZ’s price rallied by over 55%. The sharp fall in CHZ’s price also caused key indicator Relative Strength Index , to fall below its 50-neutral spot. At press time, the RSI was pegged at 43.72 in a downtrend. Also in a downtrend was the alt’s Money Flow Index as it inched closer to the 50-neutral region at 55.26.

 

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