Chilliz price is consolidating inside a descending triangle formation. The recent 6-hour candlestick closed below the setup’s base, triggering a 47% crash. A decisive close above $0.58 will invalidate the bearish outlook. Chiliz price seems to be leaning toward the sellers as it broke out of a bearish pattern recently. Chiliz price kickstarts a downtrend Chiliz price has been forming a series of lower highs since hitting a local top at $0.95, suggesting aggressive sellers. So far, the bulls seem to be defending these minor corrections, which has created a horizontal support level at $0.49. If trend lines connecting the swing highs and the demand barrier were to be drawn, Chiliz price reveals a descending triangle pattern in play. This setup forecasts a 47% crash to $0.26, determined by measuring the distance between the pivot high and flat support and adding it to the breakout point at $0.49. The recent 6-hour candlestick has already closed below the flat support, which indicates the start of a downtrend. Interestingly, the target at $0.26 coincides with the 61.8% Fibonacci retracement level. Investors need to be wary of the 100 Simple Moving Average (SMA) on the 6-hour chart at $0.37, which could deter the downtrend. CHZ/USDT 6-hour chart The demand barrier at $0.37 could do more than just deter the downtrend. If buyers begin to pile up around this level, a full-blown reversal could occur. However, to invalidate the bearish scenario, bullish momentum needs the Chiliz price to bust through the 50 SMA at $0.58. In such a case, CHZ could continue its ascent to retest the all-time high at $0.95. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next NZD/USD: Further downside to 0.6930 is unlikely – UOB FX Street 1 year Chilliz price is consolidating inside a descending triangle formation. The recent 6-hour candlestick closed below the setup's base, triggering a 47% crash. A decisive close above $0.58 will invalidate the bearish outlook. Chiliz price seems to be leaning toward the sellers as it broke out of a bearish pattern recently. Chiliz price kickstarts a downtrend Chiliz price has been forming a series of lower highs since hitting a local top at $0.95, suggesting aggressive sellers. So far, the bulls seem to be defending these minor corrections, which has created a horizontal support level at $0.49. If trend lines connecting the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.